Xi Jinping returns home with a series 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 Chinese Party General Secretary Xi Jinping. A fruitful visit during which bilateral negotiations combined with a commercial approach prevailed according to the availability demonstrated by certain countries in recent years. For Xi Jinping, the European market is crucial and so he makes deals with those there. For Europe, it is a demonstration of fragility, despite the meeting with the president of the commission Von der Leyen. In the background of relations between China and Europe, a trade war is taking place on the rubble of the never-born treaty, that on China-Europe investments.

In Budapest with great fanfare

Viktor Orban, loyal to Xi Jinping, led the way in Budapest, the Chinese leader's last stop. In a U-shaped maneuver, after 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 picturesque Buda Castle. Hundreds of people gathered at the finish line waving Chinese and Hungarian flags, including many Chinese citizens eager to intercept Xi's motorcade.

As planned, 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 production of electric vehicles. Hungary's foreign minister had announced that at least 16 agreements would be signed during Xi's visit. Additionally, a few months ago, a mission by Chinese Foreign Minister Wang Yi included a tour of the new battery mega-factory built by Chinese company CATL.

It is therefore not surprising that the stopover in Budapest was primarily devoted to strengthening 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 controversies, but also a certainty of dialogue in the heart of Europe confirmed by the data of the trade balance which signal a recovery in April.

Foreign markets and recovery

Doing business with 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 top leader returns home just as Chinese exports and imports returned to growth in April, including exports up 1.5% year-on-year in April in U.S. dollar terms, while imports rose by 8.4% (a Reuters poll forecasts that exports would increase by 1.5% and imports by 4.8%). Despite still contradictory data, during the first four months of 2024, the Chinese surplus
stood at 255.66 billion thanks to exports increasing by 1.5% (to 1,100 billion) and imports by 3.2% (to 843.91 billion).

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