© AFP Photo / Attila Kisbenedek
Foreign ministers of China and Hungary signed a memorandum of understanding for the New Silk Road, also known as the "One Belt, One Road" project in Budapest, the Chinese Foreign Ministry said in a statement published on its website late Saturday, Reuters reports.
mandliner.hu, June 6thIn March, Chinese President Xi Jinping said he hoped the trade among all of the project's participants would exceed $2.5 trillion in a decade.
Last year Hungarian exports to China increased by 8%, reaching $2.2 billion. Chinese investment in Hungary already surpassed $3.5 billion.
Comment: The Silk Road Foundation - established in Hungary to coordinate construction projects - already received $40 billion. You can imagine, how much money industry insiders will make - Hungarian members of the parliament, as usual - via their newly established construction companies, because they will be the first to know what and where China wishes to build.
Hungary hopes to intensify cooperation with China that can speed up the construction of the Hungarian-Serbia railway and other infrastructure projects, said the country's President Janos Ader, as quoted by the Chinese foreign ministry. China is involved in financing and constructing a railway between Hungary and Serbia.
The Chinese government plans to inject dozens of billions of dollars to support the project that involves the construction of railways, highways, power grids, oil and gas pipelines, maritime and other infrastructure links across Central, West and South Asia to Europe, increasing the connection between the East and the West.
Yet another little crack in the American hegemony, there'll be others that can't wait to jump on this speeding bandwagon, and the more the merrier. I wonder if the UK will be among them, it was pretty quick to turn rat and jump the american ship to join the AIIB recently, so I'm sure they've already got their running shoes on even now.
What's next to go wrong for the dear old evil empire, I wonder !!!