The opening and reform efforts and the substantial outcome scored in both China and Hungary over recent years have opened a bright future for further expanding bilateral cooperation in economic, trade and financial fields.

This is the consensus reached by representatives from both sides at the Sino-Hungarian Investment Forum held in Beijing Friday.

Visiting Hungarian Prime Minister Medgyessy Peter and nearly 200 government officials and banking and foreign trade corporate representatives from the two countries were present at the forum jointly sponsored by the Bank of China (BOC) and the Hungarian embassy in China.

The representatives acknowledged that the steady, open and fruitful reform measures taken by Hungary over the past years has drawn world attention and the country's national economy is on a track of healthy and sustained growth. Stable political and social environment, improved legal order and a good investment environment have made Hungary one of the top international investment destinations, they said.

Bilateral trade volume between China and Hungary has been growing year by year. In the first half of 2003, trade volume reached approximately US$1.1 billion, up 68 percent from the same period last year, accounting for a third of China's total trade volume with central and east European countries.

BOC Vice-President Zhang Yanling said that in February this year, the BOC set up a branch in Hungary, which was also the first BOC branch in central and east Europe. So far, the branch has been operating smoothly and is playing an active role in promoting Sino-Hungarian economic and trade ties and financial cooperation.

A launch ceremony was held at the forum for the Hungarian Investment Handbook, which provides details on the investment environment, local markets and business opportunities of Hungary.

(Xinhua News Agency August 29, 2003)