Innovative Solutions, Green Initiatives for Sustainable Economic - The Hungarian Example

• Published in: Cross-Cultural management journal 2024-07, Vol.XXVI (1), p.79-92
• Main Authors: Viktoria VIDA, István Ádám BOGNÁR
• Format: Article
• Language: English
• Subjects: china; developments; green initiatives; hungary; investments
• ISSN: 2286-0452
• DOI: 10.70147/c267992

Green development has become a major goal for most world powers and is taking an increasingly prominent place in the global economy, with China and Europe being no exception. Both have set green growth as a goal to achieve carbon neutrality in the coming years. As the green economy is now global, cooperation is essential to improve quality of life everywhere. Chinese experts are helping to green Hungary's transition taking part in the Hungarian energy economy. The relationship between the two countries has been dominant for centuries, but until recently it needed to be redefined. The Chinese President in 2024 visited Hungary and met the Prime Minister and the Hungarian Head of State. Within the framework of the One Belt, One Road strategy, the two countries have drawn up an expanding list of projects for joint investment and development. The summit between the two countries delivered results, with the parties signing eighteen important agreements. Hungarian experts collaborate with Chinese partners on clean energy, sustainable energy production and green technology innovation. In a summary, the agreement covers cooperation in nuclear research and development, training, the expansion of the electric car charging network, and the exploration of the possibility of jointly connecting the domestic and Serbian oil pipeline systems. In our research, we explore areas for further cooperation between China and Hungary, identifying key areas of mutual benefit and common interest.