BUDAPEST - Hungary supports the idea of granting market economy status to China, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto announced on Monday in Godollo, about 30 kilometers from the capital city, following his attendance at an event there, Hungarian News Agency MTI reported.

The Hungarian government's position, he said, is that economic cooperation between Europe and China can be advanced, and this is very important to Hungary.

Szijjarto said that China was one of Hungary's most important economic and trading partners, that Chinese investments in Hungary exceed $3.5 billion, and that many Chinese businesses have chosen Hungary for their regional centers.

Granting China market economy status would help to boost cooperation between China and Central Europe where Hungary considers itself the flagship of trade between the two regions, he said.