The vibrant atmosphere of Budapest was alive with the recent China Brand Exhibition (Central and Eastern Europe) in 2024, a remarkable event that marked the seventh installment since its inception in 2015. Spearheaded by the Ministry of Commerce of China, this exhibition was co-hosted by the Central and Eastern European Trade Logistics Cooperation Park and brought together over 270 companies from provinces including Shandong, Shanxi, Liaoning, Zhejiang, Gansu, Jiangxi, Fujian, Jilin, and AnhuiSpanning an impressive area of 10,000 square meters, it highlighted the robust connection between China and the Central and Eastern European (CEE) markets.

The variety of exhibits ranged widely across six major categories, encompassing electromechanical products, hardware and building materials, new energy innovations, light industry goods, textiles and apparel, and agricultural productsNotably, electromechanical products including machinery, electrical equipment, and components made up a staggering 50% of the exhibition, aligning perfectly with local market needs and trade focuses between China and Hungary.

Among the exhibitors was the Zhejiang Haoxing Company, which showcased an array of electric bicycles

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The company representative shared insights, emphasizing the competitiveness of Chinese goods in the CEE market: “With excellent quality and reasonable prices, we are confident in our offeringsLinguistic barriers have been alleviated by translation software, enabling smoother negotiations.” This sentiment was echoed by many participants, indicating a shift towards collaborative opportunities underscored by technological advancement.

Since its debut, the China Brand Exhibition has established itself as a vital platform for businesses in the CEE region to engage with Chinese brandsThis year's event saw an impressive increase in participation, receiving close to 8,000 professional buyers from various countries including Hungary, Poland, Slovakia, and SerbiaThe overall footfall was around 25,000 visitors, underscoring the growing interest in China's exportsNotable figures included almost $20 million in on-site transactions and a remarkable intention to transact worth around $90 million.

Reflecting on the successes of the expo, Wu Jiang, CEO of the Central and Eastern European Trade Logistics Cooperation Park, reported a 15% increase in participating exhibitors compared to the previous year and a 20% rise in the projected transaction amounts

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The results signify a burgeoning popularity of Chinese brands amidst CEE markets.

This year's exhibition also placed significant emphasis on new energy and electric vehicle technologiesThe CENNTRO electric vehicle brand drew considerable attention at its strategically located booth at the entrance of the hall, remaining perpetually busy with inquisitive attendeesPeter Erno, President of the Hungary-China Economic Association, praised the caliber of the showcased products, noting, “Many quality items are making their debut at this eventChinese products have shown significant advancements in quality, variety, and presentation.”

In a notable collaboration perspective, Gergely Fabián, the State Secretary for Industrial Policy and Technology at Hungary’s Ministry of Economic Development, articulated his optimism regarding Hungary-China relationsHe firmly stated Hungary’s position as a strategic gateway within the EU and identified China as an essential technology powerhouse and consumer market for Hungarian businesses

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He encouraged companies to share knowledge and improve trade links, promoting a future of comprehensive collaboration.

Following the event, Deputy Director of the Ministry of Commerce's Foreign Trade Development Office, Deng Bo, outlined several proposals to enhance cooperation: Firstly, it is crucial to implement the consensus reached by state leaders of both nations, enabling deeper communication and broader collaboration; Secondly, utilizing Hungary's geographical advantages as a participant in the Belt and Road Initiative to enhance logistics and trade frameworks is essential; Thirdly, Chinese companies should consider bringing in Hungarian competitive products while promoting Chinese brands, aiming for a balanced trade and further investment opportunities.

As part of Hungary’s vigorous push for solar energy, the government has initiated the “Solar +” project, which supports households in installing solar panels and energy storage systems

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The response from citizens has been overwhelmingly positiveDuring the exhibition, the energy storage battery cabinets introduced by Shandong Inspur Company received a warm market reception, highlighting the importance of energy solutions in Hungary’s sustainable development goals.

Post-exhibition plans indicate that products like the energy storage cabinets from Shandong Inspur and the innovative charging robots known as Lightning Treasure from Shanghai Cancong Robotics will have ongoing representation at the Budapest Brand Showcase Center through the Central and Eastern European Trade Logistics Cooperation ParkThis provides CEE clients with localized, hands-on experiences with the functionalities of these products and supports continuous market development.

Exhibitors will also take advantage of the operational capabilities of the Central and Eastern European Trade Logistics Cooperation Park, making use of international logistics, overseas warehousing, and distribution services

Furthermore, Bank of China’s Hungarian branch joined as a supporter by employing the "CCB Global Matchmaker" B2B cross-border intelligent matching platform, offering complimentary cross-border matching servicesThis technological and data-driven approach aims to create a shared ecosystem for both domestic and Central & Eastern European enterprises, promoting business opportunities and comprehensive service solutions.

Statistical insights reveal that bilateral trade between China and Hungary reached an impressive $14.52 billion in 2023, showcasing a 42% increase since 2019, with an average annual growth rate exceeding 9%. This placed Hungary as China's third-largest trading partner in the CEE region, while China was Hungary's most significant trading partner outside Europe and the second-largest source of imports globallyEconomic and Commercial Counselor Chen Yiwei at the Chinese Embassy in Hungary remarked that this exhibition serves as a catalyst for invigorating practical economic cooperation between China and Hungary, as well as with other CEE nations, fostering dialogue among enterprises to explore collaborative opportunities that yield mutual benefits for both populations.