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China, Hungary to Jointly Invest in Green, Digital Transformation

The Ministry of Commerce of the People’s Republic of China and Hungary’s Ministry for Innovation and Technology (ITM) signed two Memoranda of Understanding (MOUs) on enhancing cooperation in green development and the digital economy. China and Central and Eastern European countries agreed in February 2021 to expand their cooperation in the digital and green economy.

China initiated the signing of similar agreements with 50 countries after a consensus was reached on working to expand cooperation in the areas of the digital and green economy. Hungary was the first to sign MoUs covering both areas.

Hungary has already done much to become China’s most important partner in the region: we jointly built the largest solar power plant in Central Europe in Kaposvar, Southern Hungary. With the new agreements with China, we will gain an advantage over our competitors in sectors that are the pillars for a lasting increase in Hungary’s competitiveness. The future of the economy, around the world, is high tech and green. Bilateral ties must be strengthened and adjusted to global trends in future-oriented, knowledge-based branches of the economy.

– Laszlo Palkovics, ITM Minister

Under the new agreements, China and Hungary agreed to cooperate to accelerate digital transformation in all sectors of the economy and to cooperate on adopting new business models, digital skills training and innovation in digital technologies. They also agreed to deepen mutually beneficial cooperation in the fields of green economy and clean energy, coordinate sectoral strategies and policies, and promote green developments.

When it comes to green economy and technology, China’s leadership acknowledges climate change and environmental degradation as real and pressing threats to long-term regime survival and economic prosperity. However, while a trend towards a concerted push for sustainability shows in national-level policies, the lack of forceful sectoral and local-level incentives leaves China with a mixed track record on sustainability.

China’s strategic bet for its sustainable future is on achieving state-guided and funded technological breakthroughs in, enabling a green transformation at home and global tech leadership in all areas, from renewables to environmental protection equipment. The nation’s state-supported R&D efforts show first results in green technology innovation. The greening of China’s manufacturing system is key for realising a more sustainable economy.  China strives to assume global leadership in green technologies and sustainable solutions.

Regarding the digital economy, China has attached great importance to its development by supporting various innovations on the internet, big data, Artificial Intelligence (AI). The digital economy is a key driver for growth over the next few decades and made achieving tech self-sufficiency a top national priority. To support that growth, Beijing has doubled down on funding for strategically important industries such as semiconductors and AI, while rolling out new legislation covering everything from data security to fair competition as part of efforts to bring the country’s once free-wheeling internet giants in line with the national agenda.

As reported by OpenGov Asia, Chinese President Xi Jinping pledged to support the development of key technologies while strengthening the regulation of the country’s tech giants as part of his strategy to expand the digital economy. The country needs to boost innovation in core technologies and step up research capabilities to achieve self-sufficiency as soon as possible. China also called for an acceleration in the development of high-speed, secure smart infrastructure that can connect all aspects of the online economy as well as for breakthroughs in key software technologies.

In recent years, the internet, big data, cloud computing, AI, blockchain and other technologies have accelerated their innovation and are increasingly integrated into the entire economy and society. China needs to make its digital economy stronger and better to align the once-in-a-century transformation with the national priority of rejuvenating the country.

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