China's EV investment sprouts in Hungary amid EU tariff debate

China's New Energy Vehicle (NEV) sector is prospering in Hungary as the construction of two major Chinese EV plants in the European Union member state is moving ahead without delay.

The construction of a 7.3-billion-dollar battery plant by Chinese company CATL is well underway in the country's Debrecen. This facility will be a critical part of Europe's electric vehicle supply chain.

In Szeged, another Hungarian city, Chinese electric car giant BYD plans to start production by 2025 at its 300-acre (121.4-hectare) factory currently under construction.

Experts say these two projects are a key part of Hungary's growing electric vehicle industry.

"In 2023, we saw the Chinese FDI (foreign direct investment) in the EU, especially in the EV cars [grow], 44 percent of it came to Hungary. So it's a huge number, but we cannot forget that in the past ten years, 50 percent - so the half - of the Chinese FDI in the EV cars went to France, Germany and the UK," said Levente Horváth, founding director of the Eurasia Center of John von Neumann University and Former Consul General of Hungary in Shanghai.

As the EU considers imposing tariffs on Chinese electric vehicles permanent, Hungary is pushing back, citing concerns about an economic fallout.

Horváth says the EU is divided over imposing tariffs on Chinese electric vehicles.

Hungary, Slovakia, Germany, Spain, and Sweden however plan to oppose these tariffs in an upcoming October vote, citing concerns about potential economic damage to their automotive sectors.

Negotiations between the European Union and China are ongoing, with both sides exploring alternatives. If these talks fail, the EU could impose tariffs of up to 35 percent for the next five years, risking a trade war with one of its biggest economic partners.

Some experts say that Hungary has positioned itself competitively in the industry, even in the face of potential EU tariffs on Chinese EVs.

"From the point of view of the Hungarian government, the good news is that even if the European Union props up some of its anti-subsidy measures against the Chinese car producers, the cars produced in Hungary will be probably exempted from such measures because they are made in the European Union," said Tamas Matura, founder of the Central and Eastern Center for Asian Studies at Corvinus University.

The EU remains focused on protecting its automobile industry, which employs around 14 million people. In recent talks, the bloc and Chinese officials said they had a constructive dialogue but reached no agreement.

At the same time, China is investigating EU brandy and pork checking if these products are being sold at unfairly low prices that could hurt local producers.

Experts suggest the EU still has time to reconsider and potentially avert a trade conflict with China.

China's EV investment sprouts in Hungary amid EU tariff debate

China's EV investment sprouts in Hungary amid EU tariff debate

Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.

Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.

More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.

Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.

"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.

During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.

"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.

In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.

With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.

"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.

Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition