China and Hungary have signed an accord to cooperate on the creation of a new Silk Road network.

The agreement was endorsed by Chinese Foreign Minister Wang Yi and his Hungarian counterpart Peter Szijjarto on Saturday in the Hungarian capital of Budapest.

Wang calls Hungary an important partner of China in its efforts to expand relations with the West.

"Today we signed the 'One Belt, One Road' cooperation document which is the first such cooperation document between China and a European country. It has a very high importance and will be a role model. The Chinese side appreciates that the Hungarian side is taking on this role and encourages others to join this process."

Szijjarto says that Hungary seeks to become the regional hub for China's trade activities in Europe.

"It is still the goal of Hungary's sovereign foreign policy that Hungary be the starting point and the regional center of China's economic expansion in Europe."

The bilateral deal includes a project financed by China to upgrade the 370-kilometer railroad link between Budapest and the Serbian capital of Belgrade.

(CRIENGLISH.com June 7, 2015)