The National Bank of Hungary is working to build closer business cooperation between Hungary and China, the Central Bank’s Deputy Governor said on Tuesday.

Speaking at an event marking the 70th anniversary of establishing diplomatic ties with China, Mihály Patai noted that Hungary had issued renminbi bonds in China, and added that Hungary was also taking efforts to boost scientific cooperation.

Levente Magyar, State Secretary at the Foreign Ministry, said that bilateral ties 70 years ago had been “dominated by a shared ideology” which had now been replaced by “economic, fiscal interests and values”.

Zhu Yonglei, Deputy Leader of the municipal committee of the Chinese Communist Party in Shanghai, said that China is rapidly developing its international relations under its Belt and Road Initiative, and added that it was in line with the Hungarian government’s Eastern Opening policy.