Hungary's road freight industry is facing mounting pressure from soaring fuel prices and exchange-rate fluctuations, with many transport companies suspending operations or facing the risk of bankruptcy, the head of the Hungarian Road Transport Association (MKFE) said Tuesday.
Tivadar Arvay, secretary general of the association, told China Central Television that an estimated 1,500 to 1,600 road transport companies in Hungary had ceased operations over the past year.
"Road transport has experienced a rather dramatic decline over the past year. Hungarian businesses have suffered losses in both domestic and international markets. There are a number of external factors behind this. Among them are changes in fuel prices, which have affected the entire global economy, and fuel prices have risen sharply in Hungary as well, particularly diesel prices. Exchange-rate fluctuations have also had a negative impact. All these factors, together with the weak performance of the economy, have put Hungarian businesses in a very difficult situation," said Arvay. Arvay warned that if energy prices remain high in the short term, thousands more companies could face bankruptcy.
Hungarian freight companies are currently seeking to weather the difficulties collectively by optimizing operations and cutting costs while improving efficiency.
On Tuesday, Hungarian Transport and Investment Minister Dávid Vitézy said on social media that the government plans to introduce measures to support the freight transport sector.
Arvay called for measures at both the Hungarian government and European Union levels to help the industry cope with the crisis.
"Obviously, intervention is also needed at the government or even European Union level. This is a global economic problem, an energy price shock, and no member state can solve it on its own," he said.
Hungary's road freight sector hit by rising fuel costs
The Hong Kong Special Administrative Region (SAR) marked the 77th anniversary of the founding of the People's Republic of China on Thursday with a flag-raising ceremony and reception, featuring a message from its first astronaut in space as officials highlighted opportunities for the region's development.
Chief Executive John Lee Ka-chiu, heads of central government offices in Hong Kong and representatives from across the community attended the flag-raising ceremony at the Golden Bauhinia Square on the Victoria Harbour waterfront.
At 08:00, China's national flag and the Hong Kong SAR flag were raised as the Hong Kong Police Band played the national anthem, "March of the Volunteers." Guests stood facing the flags and sang the anthem.
Government Flying Service helicopters carrying the flags flew over the harbor, while Fire Services Department fireboats sailed past spraying jets of water. Guests then gathered at the nearby Hong Kong Convention and Exhibition Centre for the National Day reception.
Lai Ka-ying, the first astronaut from Hong Kong, delivered a video message from space. She joined the Shenzhou-23 mission in May as a payload specialist.
"May our motherland remain beautiful and prosperous for generations to come. May Hong Kong and Macao enjoy prosperity and stability, and may the practice of 'one country, two systems' continue to advance steadily and successfully. Thank you," Lai said.
Addressing the reception, Lee said China played an influential role in international affairs and Hong Kong must seize opportunities to integrate into and serve the country's overall development.
He described Hong Kong's first five-year development plan as a strategic roadmap for making the most of its strengths under the "one country, two systems" principle. The plan aligns the SAR's development priorities with China's 15th Five-Year Plan, which sets out national development goals for 2026-2030.
Hong Kong returned to the motherland in 1997. Under "one country, two systems," it retains its capitalist system and way of life within socialist China.
Lillian Cheong Man-lei, Hong Kong's Under Secretary for Innovation, Technology and Industry, said the festive atmosphere reflected the region's prosperity and stability.
"People from all walks of life in Hong Kong are enthusiastically celebrating the National Day. National flags and Hong Kong SAR flags fly side by side throughout the streets, both shores of Victoria Harbour are brightly lit, and residents and visitors are out celebrating. This festive and peaceful atmosphere is a vivid reflection of Hong Kong's prosperity and stability under 'one country, two systems.' Backed by our motherland and connected to the rest of the world, Hong Kong draws confidence from the backing of our motherland and its connections with the rest of the world. The country has always been Hong Kong's strongest source of support," Cheong said.
Eliza Chan Ching-har, a member of Hong Kong's Executive Council and also a member of the National Committee of the Chinese People's Political Consultative Conference, the country's top political advisory body, also highlighted the region's first five-year development plan.
"This year, Hong Kong has drawn up and begun implementing its first five-year development plan. We are actively aligning it with the country's 15th Five-Year Plan (2026-2030), building on the Special Administrative Region's distinctive role to accelerate development and integrate into the country's overall development. I sincerely wish our great motherland prosperity and strength, and its people happiness and good health," Chan said.
Hong Kong marks PRC's 77th founding anniversary with ceremonies, greetings from space
