China's industrial development driving economic growth in Europe, scholars say

With a total planned investment of 1.278 billion euros ($1.486 billion) and a designed annual capacity of 100,000 metric tons, it will indirectly supply products to European automakers including BMW, Mercedes-Benz and Volkswagen, Wu Mengtao, chairman of the Chengdu B&M Science and Technology Co Ltd, said.

"The project is just one example of the great cooperation between Hungary and China," Hendriks said, noting that roughly half or more of all Chinese foreign direct investment into the EU has gone to Hungary.

He added that Hungary has evolved into an industrial hub in Central Europe, thanks to investments from Chinese companies such as BYD and CATL, which are attracting more firms to build a value chain.

"I hope that this industrial clustering effect will lift up the entire Central European region," Hendriks said.

Kitta Gergely, director for institutes at the Mathias Corvinus Collegium Foundation, emphasized that China's green transformation efforts have brought remarkable benefits to the world.