Last week Latvia and Estonia joined Lithuania in abandoning the so-called 16+1 eastern European framework with China, while Hungary secured the most significant greenfield investment in its history.
The format between China and eastern members took shape in 2012 as a platform for Beijing to forge ties with 16 East European countries, cooperating on infrastructure and development projects. These meetings occur within the Cooperation between China and Central and Eastern European Countries (China-CEEC), established in Budapest, Hungary, in 2012.
The annual meetings expand business relations and develop investment opportunities for Chinese companies.
Hungary recently secured the most significant greenfield investment in its history: Contemporary Amperex Technology Ltd (CATL), China's biggest electric vehicle battery maker, announced it would build a 7.34-billion-euro (50.79 billion yuan) battery plant in Hungary. While cooperation seems to work well for some members, the Baltic states are turning away.