China congratulates Péter Magyar, seeks deepened cooperation – updated with Magyar’s reaction

China congratulates Péter Magyar, leader of the Tisza Party, on his victory in Hungary’s parliamentary election, Guo Jiakun, a spokesperson for the Chinese foreign ministry, said at a regular press briefing in Beijing on Monday.

Mutual respect and benefit

The spokesperson said China attached great importance to strengthening China-Hungary relations and was ready to work with the new Hungarian government to deepen cooperation based on mutual respect, equal treatment, and mutual benefit.

He added that China was prepared to further enhance high-level exchanges, strengthen political trust, expand practical cooperation, and promote the development of cultural and people-to-people ties.

China largest investor in Hungary

China has become the largest source of foreign investment in Hungary in recent years, particularly dominating in 2023, 2024, and 2025. This surge is largely driven by massive electric vehicle (EV) and battery production investments, positioning Hungary as a central, strategic hub for Chinese companies in Europe.

According to the Hungarian Investment Promotion Agency, “four of the ten largest ongoing Chinese projects in the region are located in Hungary, including BYD’s passenger car factory in Szeged and CATL’s battery plant in Debrecen.”

Hungary joined the Belt and Road Initiative in 2015, aligning with its “Eastern Opening” policy. Landmark BRI projects include the Hungary-Serbia railway (Budapest-Belgrade high-speed railway line), which is being upgraded by Chinese and Hungarian companies. Freight services have already started on the line, while approval for passenger services awaits authorisation from the authorities.

Concerning the volume of Chinese investment in Hungary, the new Tisza government will probably continue cooperating with Beijing, as Orbán’s cabinet did.

Péter Magyar open to collaboration with Chinese firms

All investments are welcome in Hungary, provided everyone adheres to the regulations, Péter Magyar has said in response to questions over the future of projects by companies such as BYD and CATL according to Portfólió. The prospective prime minister signalled that excessive state subsidies will not be tolerated, particularly if these firms flout environmental standards or endanger the health of those living nearby or within the factories. He indicated that, alongside major multinational investments, efforts will be made to bolster the position of Hungary’s small and medium-sized enterprises.

If you missed:

• Passenger service on Budapest–Belgrade high-speed rail line not to start despite previous government promises