Belt and Road Summit in Beijing – Quick Review
On 24 October 2023, the Hungarian Institute of International Affairs (HIIA) held a roundtable discussion entitled „Belt and Road Summit in Beijing – Quick Review„, which included Viktor Buzna, Researcher at HIIA, and Péter Goreczky, Senior Analyst at HIIA. The discussion was moderated by Gergely Salát, Senior Researcher at HIIA.
Gergely Salát began the discussion by asking whether the summit was successful. Viktor Buzna pointed out that although the Western narrative frames the Belt and Road Initiative (BRI) as a negligible initiative, the summit aimed to strengthen China’s diplomatic position in the post-pandemic period, which was achieved. This year, fewer countries were represented at the head of state level compared to the previous two summits, but this was due primarily to organizational problems. There were already several opportunities in 2023 to meet with China at bi- and multilateral level (Asia Games, BRICS summit, G20). This time, the countries represented were mainly those that had not already consulted with China earlier in the year. In addition, due to the Hamas-Israel conflict, many felt it better not to attend. Hungary was the only member of the European Union to attend the BRI meeting.
Péter Goreczky pointed out that the primary goal of the BRI was not to attract new members, but to strengthen the internal cohesion of the BRI. This does not mean, however, that China is letting go of Europe as an economic partner region. Xi Jinping repeatedly stressed the importance of global connectivity in his speech and condemned the perceived formation of blocs. Viktor Buzna also stressed that the BRI is currently being restructured, with a greater emphasis on digital infrastructure rather than on traditional infrastructure programmes.
The discussion ended with questions from the audience. In response to a question on how a new Trump administration would change US policy towards China, Viktor Buzna highlighted that there is a broad consensus on China among the US political elite. An increasingly tough China policy is expected regardless of who is president in the next term. The last question focused on the Hungarian-Chinese economic relationship in the battery industry. Péter Goreczky pointed out that although most of China’s investments in Hungary are in battery factories, China is not the only important player in the Hungarian battery industry: South Korean corporations also have a strong presence, while the German car industry is a major buyer of Hungarian battery products. These investments secure Hungary’s position in the supply chain of an important key sector, the automotive industry.