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Hungary supports granting China market economy status

The Hungarian government decided during a cabinet meeting yesterday that it would support efforts to grant China market economy status, Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó said yesterday during an event in Gödöllő, just west of Budapest, Hungarian News Agency MTI reported.

Szijjártó stressed the importance of Hungaryʼs and Europe’s economic cooperation with China, adding that China is one of Hungary’s key economic and trading partners, with Chinese investments in the country exceeding $3.5 billion, according to MTI.

The EU is currently in talks to grant China market economy status. As a non-market economy, China is generally levied with higher anti-dumping duties, MTI said.