DNH 2021 · 04/09/2024

· Business

Chinese money will save the collapsing Hungarian railway system?

National Economy Minister Márton Nagy met with executives of the Bank of China (BoC) and the China Construction Bank (CCB) during his official visit to Beijing. Among others, they touched some railway development projects concerning even the future Budapest Airport-city centre line, in which Hungary would need Chinese co-financing.

The talks aimed to continue the dialogue for the financing of energy and infrastructure developments in Hungary, the National Economy Ministry (NGM) said on Wednesday. The Bank of China opened its Budapest office in 1997 and the China Construction Bank has been operating an office here since 2022. The sides discussed bilateral economic cooperation, and the minister called for deepening relations further, especially in finance.

China’s global financial role continues to grow, and Hungary has become the number one target for Chinese investments in Central and Eastern Europe, which contributes to the country becoming a regional financial hub. The partnership of the Bank of China and the China Construction Bank can help more Hungarian banks enter the Chinese market and help bring more Chinese investments to Hungary, the ministry said. The Chinese partner banks focus on infrastructure projects approved by the government, including energy, digitalisation and e-mobility, presented by the ministry early this year in Beijing.

After the projected completion of the Budapest-Belgrade railway line next summer, the V0 freight rail ring road bypassing Budapest, the railway connection between the city centre and Liszt Ferenc Airport and the development of the border crossing between Hungay and Serbia could be the next strategic investments implemented in Hungary with Chinese co-financing, the ministry said.

Read also:

Structural issues at MÁV: Recent disruptions expose deep problems in Hungarian rail network – read more HERE
MÁV announcement: Trains to commute differently this autumn, Budapest Airport and Vienna lines affected

If you would like to support the work of the Daily News Hungary staff and independent journalism,
please make a donation here

Hot news

2 Comments

Norbert

The Real Person!

Author Norbert acts as a real person and verified as not a bot.

Passed all tests against spam bots. Anti-Spam by CleanTalk.

The Real Person!

Author Norbert acts as a real person and verified as not a bot.

Passed all tests against spam bots. Anti-Spam by CleanTalk.

says:

04/09/2024 at 15:46

Politician business as usual – but let´s keep all the details secret, shall we? Whatever could go wrong …
Gabor

The Real Person!

Author Gabor acts as a real person and verified as not a bot.

Passed all tests against spam bots. Anti-Spam by CleanTalk.

The Real Person!

Author Gabor acts as a real person and verified as not a bot.

Passed all tests against spam bots. Anti-Spam by CleanTalk.

says:

04/09/2024 at 19:29

Such a succinct way of saying that the tax money is wasted on making the oligarchs richer, hence Hungary will be in more debt with China to maintain its basic transportation infrastructure

Major security risk: Hungary’s defence system compromised in USD 5 million cyberattack

Ryanair launches new flight between Budapest and stunning Spanish region near Valencia

Free Christmas for all? Hungary approves referendum proposal for 24 December holiday

Scientist with Hungarian origins can treat cancer with viruses? The miraculous recovery of Dr Beáta Halassy

PM Orbán talked about the importance of abolishing the EU’s anti-Russia sanctions

Deadly H5N1 virus spreads in Hungary again

Attention! Wizz Air to impose more fines for oversized baggage

German companies in Hungary worried about growing costs, decreasing consumption

Budapest Christmas markets open with moderate prices and discounts for tourists today

Hungary’s relations with Armenia developing after decade-long freeze

PM Orbán will build Europe’s most modern border crossing, sets finish date for 160 km/h railway line

Why choose Collaborator.pro for content marketing?

Record number of Hungarian students flee the country for higher education abroad