A Christmas tree with lights stands in front of the Hungarian Parliament in Budapest, Hungary on Dec. 10, 2014. [Photo: Xinhua/Attila Volgyi]

The Chinese and Hungarian governments have announced a new visa policy to help business people traveling between the two countries.

Under the new program, business travellers will be able to get their visa within one working day.

Chinese tourists should be able to have their visa applications processed within two days.

The new policy is part of a series of agreements Chinese Foreign Minister Wang Yi has been working on with his Hungarian counterpart as part of a working group set up to coordinate policy through the "Belt and Road" initative.

"The bilateral working group is an important platform to implement cooperation. We hope that all the members of our working group will prepare and coordinate, establish the cooperation strategy in various sectors, as well as set next goals for China and Hungarian bilateral cooperation in promoting the "One Belt One Road" initiative in the future," says Wang.

Hungarian Foreign Minister Peter Szijjarto says the "Belt and Road" program fits in well with Hungary's development policies.

"The Hungarian government initiated in 2010 a policy to develop and open up to the East. This policy combines really well with China's "One Belt One Road" initiative - these two policies are complementary," says the Hungarian official.

Hungary has been tapped as a logistics hub in the "Belt and Road" initiatives for Chinese trade moving into western Europe.