China's trade war with the US is unlikely to cool down this election year, so it's working on Europe instead
Business InsiderMAY 16 2024
Xi Finishes European Tour in Hungary
Image copyright: Antoine Gyori/Contributor/Corbis News via Corbis News
The Facts
Chinese Pres. Xi Jinping ended his three-day visit to Hungary on Friday, concluding his five-day European tour that included stops in France and Serbia.
During the visit, Xi and Hungarian Prime Minister Viktor Orbán held discussions on increasing ties between their respective countries. On Thursday, the two nations signed several strategic and economic partnership agreements.
Although no major investments were announced, officials signed 18 agreements and memoranda of understanding. In December, Chinese electric vehicle (EV) giant BYD announced it will open its first European EV production factory in south Hungary.
The Spin
Pro-establishment narrative
Xi and the Chinese Communist Party are trying to buy their way into the EU, and they're using Orbán as their bridge. China is looking to reinforce its growing influence on Europe, and Budapest has no problem obliging, even if it means undermining democratic values and Western prosperity.
Establishment-critical narrative
As Western hegemony fades, Hungary is engaging in talks to promote peace and prosperity with all countries. Orbán is committed to ending deadly conflicts that are destroying Europe, and he understands that the global economy isn’t the same as it was 20 years ago. Hungary is looking out for its own economic interests in a way that benefits the entire world.