Xi Jinping returns home with a haul of European agreements

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Last but not least, Hungarian Prime Minister Viktor Orban was the last European Prime Minister to roll out the red carpet for the arrival of the General Secretary of the Chinese party Xi Jinping. A fruitful visit in which bilateral negotiations combined with a business approach prevailed according to the availability shown by some countries in recent years. For Xi Jinping the European market is crucial and, therefore, he makes agreements with those who are there. For Europe, a demonstration of fragility, despite the meeting with the president of the Von der Leyen commission. In the background of relations between China and Europe is a trade war on the rubble of the never-born treaty, the one on China-Europe investments.

In Budapest with great fanfare

Viktor Orban, Xi Jinping’s loyalist, led the dance in Budapest, the Chinese leader’s last stop. With a U-shaped maneuver, following France and Serbia, Chinese President Xi Jinping concluded his European trip in an EU country very dear to Beijing: Hungary, where he was welcomed by President Tamas Sulyok in the courtyard of the scenic Buda Castle . Hundreds of people gathered upon arrival waving Chinese and Hungarian flags, including many Chinese citizens eager to intercept Xi’s motorcade.

As scheduled, the ceremony was attended by numerous Chinese and Hungarian officials, including Prime Minister Viktor Orban with whom Xi held talks on potential Chinese investments in Hungary in infrastructure, energy and the production of electric vehicles. The Hungarian Foreign Minister had announced that at least 16 agreements would be signed during Xi’s visit. Moreover, months ago, a mission by Chinese Foreign Minister Wang Yi included a visit to the new mega battery factory built by the Chinese CATL.

It is therefore not surprising that the stop in Budapest was dedicated above all to strengthening the economic agreements between the two countries. Hungary is an outpost very aligned with Beijing’s strategies, a false note in the heart of the European Union which has repeatedly sparked controversy, but also a certainty of dialogue in the heart of Europe confirmed precisely by the trade balance data which indicates a recovery in April.

Foreign markets and recovery

Doing business with his friend Macron and with the Serbs, the only ones capable of creating an outpost for the New Silk Road, was essential for Xi Jinping. The core leader heads home just as China’s exports and imports returned to growth in April, notably exports up 1.5% year-on-year in April in US dollars, while imports rose 8%. .4% (a Reuters poll predicted that exports would grow by 1.5% and imports by 4.8%). Despite still conflicting data, in the first four months of 2024 the Chinese surplus has increased
stood at 255.66 billion thanks to exports rising by 1.5% (to 1,100 billion) and imports by 3.2% (to 843.91 billion).