Page 89 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.78, # 2, 2021, pp. 89-104

CHINA-HUNGARY TRADE RELATIONS UNDER THE BELT
AND ROAD INITIATIVE

Yang Zhifang ，Zhang Jieqian Rudnák Ildikó 3
2
1

1,2,3 Hungarian University of Agriculture and Life Sciences,
e-mail: [email protected]

Received: October 01; accepted November 26, 2021; published online December 24, 2021

ABSTRACT
The Belt and Road Initiative is the abbreviation of “Silk Road Economic Belt” and
“21st Century Maritime Silk Road”. In September 2013 and October 2013, Chinese
President Xi Jinping proposed the construction of the “New Silk Road Economic
Belt”, “New Silk Road Economic Belt” and “21st Century Maritime Silk Road”
respectively. This is a major strategic move by Chinese leaders to promote China's
opening to the outside world and regional harmonious development. At the
beginning of 2020, COVID-19 spread rapidly around the world, threatening people's
lives, and having varying degrees of impact on the global economy. This article
study about China-Hungary trade and the impact of COVID-19 in the context of The
Belt and Road Initiative.

Key point: Trade, PESTEL analysis, Trade-to-GDP ratio

Jel classification: F01, F10, F15

INTRODUCTION
The Belt and Road Initiative relies entirely on the existing bilateral and multilateral
mechanisms between China and relevant countries. China will take advantage of the
existing effective regional cooperation platforms, learn from the historical symbols of
the ancient Silk Road, hold high the banner of peaceful development, actively develop
economic partnerships with countries along “The Belt and Road”, and jointly build the
“The Belt and Road” community. A community of destiny and responsibility based on
political mutual trust, economic integration and cultural tolerance.

Today, the deep-seated impact of the international financial crisis is constantly
emerging, and the world economy is slowly recovering and developing. The
international investment and trade pattern is undergoing profound adjustment. The
development problems faced by all countries are still severe. The joint construction
of the "Belt and Road" conforms to the trend of world multi-polarization, economic
globalization, cultural diversification, and social informatization, adheres to the
spirit of open regional cooperation, and is committed to maintaining the global free
trade system and an open world economy.

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