China-CEEC economic cooperation has a bright future
Hungary recently inaugurated the country’s largest photovoltaic power plant built by the China National Machinery Import and Export Corporation (CMC) in Kaposvar. It is estimated that it will generate 130 million kWh of electricity per year, saving 45,000 tonnes of coal and reducing 120,000 tonnes of carbon dioxide emissions, according to the People’s Daily.
As a new achievement of China’s proposed Belt and Road Initiative (BRI) and Hungary’s “Eastern Opening” strategy, it also showed that cooperation between China and Central and Eastern European Countries (CEECs) brings tangible long-term benefits. development of local societies and economies.
Over the past decade, China and CEEC members have strengthened their ties in various aspects, from trade and investment to tourism and culture.
Since the establishment of the China-CEEC cooperation mechanism in 2012, bilateral trade between China and CEEC members has increased by 85%, with an annual growth of 8%, more than three times the growth rate of the country. China’s overall trade, and more than double that of China. growth in trade with the EU.
In 2020, when the world was fighting the pandemic, the two sides not only succeeded in cooperating on epidemic prevention, but also recorded an overall trade growth of 8.4%, exceeding for the first time the $ 100 billion mark.
Economic cooperation on both sides has shown vitality and strong resilience. In addition, compared to other regions of Europe, members of CEECs, as emerging markets, have greater potential in areas such as connectivity and energy investments. And China and CEEC members can leverage their respective strengths to further boost their economic and social development in the post-pandemic period.
In addition to traditional cooperative areas, such as trade, energy and infrastructure, the two have great potential to unite in the development of green and digital economies, healthcare industries, as well as education. .
Many CEEC members viewed the post-pandemic era as a vital opportunity to achieve green transformation. Meanwhile, China has great advantages in areas such as clean energy and new energy vehicles. China can also facilitate the development of the digital economy of CEEC members through technological support and talent sharing, among others.
The second China-CEEC exhibition is scheduled for next week in Ningbo, east China’s Zhejiang province, with more than 2,000 exhibitors and 6,000 buyers expected at the event. While many countries are still experiencing economic recession, the event shows high expectations from businesses on both sides and is expected to further boost economic trade.
It is true that mutually beneficial cooperation cannot guarantee that everything is perfect. Since the start of the pandemic, China-CEEC cooperation has seen both resilience and setbacks, but what is much more important to both sides is the prospect of increasingly promising cooperation.
Based on mutual respect and without political conditions, the cooperation between China and the CEECs will not only generate interest in the two economies, but also give impetus to the comprehensive cooperation between China and Europe. It is believed that the member countries of the alliance will not let trivial rumors undermine the bright prospects for economic cooperation and will join together to win a better future for both peoples.
Source: Global Times