Hungary is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Romania to the east, Serbia to the south, Croatia to the southwest, Slovenia to the west, Austria to the northwest, and Ukraine to the northeast. The country's capital and largest city is Budapest. Hungary is a member of the European Union, NATO, the OECD, the Visegrád Group, and the Schengen Area. The official language is Hungarian, which is the most widely spoken non-Indo-European language in Europe.
The economy of Hungary is a medium-sized, upper-middle-income, structurally, politically and institutionally open economy, which is part of the European Union's (EU) single market. The economy of Hungary experienced market liberalization in the early 1990s as part of the transition from a socialist economy to a market economy, similarly to most countries in the former Eastern Bloc. Hungary is a member of the Organisation for Economic Co-operation and Development (OECD) since 1995, a member of the World Trade Organization (WTO) since 1996, and a member of the European Union since 2004. Hungary hosts the first foreign office of the China Investment Promotion Agency (CIPA)