Former Hungarian PM Says China's 'One Belt, One Road' Strategy to Benefit Hungary, World
Yicai Global
/SOURCE : Yicai
Former Hungarian PM Says China's 'One Belt, One Road' Strategy to Benefit Hungary, World

(Yicai Global) July 11 -- Former Hungarian Prime Minister Peter Medgyessy has said that China's 'One Belt, One Road' strategy will bring state-of-the-art technologies and ecological concepts to the world and benefit his country's development.

Mr. Medgyessy made his comments recently at the Eco Forum Global Annual Conference 2016 held in Guiyang, China.

Last year, China agreed with Hungary and Serbiatobuild a 350-kilometer passenger and cargo rail link between Budapest and Belgrade.This first railroad built by China in partnership with any European nationis considered a flagship project for the 'One Belt, One Road' initiative.

Unveiled in 2013,'One Belt, One Road'is often compared with the ancient Silk Road because the strategy is aimed at creating new economic links between Asia, Europe and Africa. 'One Belt' refers to a link stretching from China to Europe through Central Asia, while 'One Road' refers to a link from China to its port facilities on Africa's coastline and through the Suez Canal into the Mediterranean Sea. China has a grand plan for a network of railroads, highways, ports and pipelines crossing the regions. New trade routes are opening up as funds come online through the USD40 billion Silk Road Fund and USD100 billion Asian Infrastructure Investment Bank.

The current Budapest-Belgrade line was constructed in 1882, and it takes eight hours to travel the 374 kilometers. The new route will be fullyelectrified and have a maximum speed of 200 kilometers an hour, cutting the journey time to between 2 1/2 and three hours.

Mr. Medgyessy believes the Hungary-Serbia line is part of the Silk Road as well as part of the 'One Belt, One Road' strategy, andChina's willingness to participate in the financing and building is very important to the line's construction. It will benefit Serbia, Hungary and China.

When completed, the high-speed railway will become China's "European corridor." Chinese commodities will enter Europe via the Hungary-Serbia line after coming ashore at the port of Piraeus in Greece and passing through Macedonia. Additionally, the railway will help strengthen exchanges between southern and eastern Europe.

Follow Yicai Global on