Report: Cooperation with China could weaken EU ties
Critics fear that the Chinese "Silk Road" initiative could weaken Hungaryʼs already strained ties with the European Union, and saddle it with great debt, rather than improve its economy, according to an op-ed from Singaporean news portal Straits Times published today.
China has already built a bridge in Belgrade, which according to the piece was realized for the most part with supplies and workers from China.
The foreign ministers of Hungary and China signed a memorandum of understanding in Budapest for the "One Belt, One Road" project, which is part of Chinaʼs new "Silk Road" initiative to develop trade and transport infrastructure, Reuters reported.
At the beginning of the month, Chinaʼs Foreign Minister Wang Yi met with Hungarian Prime Minister Viktor Orbán and Hungarian Foreign Minister Péter Szijjártó in Budapest, where the aforementioned agreement was signed.
By establishing the "Silk Road", China is hoping to increase its connection with Europe and Africa through a network of pipelines, power grids, internet networks, and highways and railways, one of which they plan to help fund and build between Hungary and Serbia.
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