China starts US trade trip with $600 mn in deals
The Chinese government kicked off a four-day US trade mission on Monday by signing six deals in Houston with undisclosed US companies worth USD 600 million, according to Chinese state media reports.
January 18, 2011 / 12:04 IST
The Chinese government kicked off a four-day US trade mission on Monday by signing six deals in Houston with undisclosed US companies worth USD 600 million, according to Chinese state media reports.
The deals came a day before Chinese President Hu Jintao arrives in the United States for a visit being billed as the most important US-China summit since Deng Xiaoping's visit to Washington 30 years ago.China's vice commerce minister, Wang Chao, led a business delegation to Houston, signing two cotton import agreements, an agreement on import of assembly kits, an agreement on "development and application of efficient crystalline silicon solar cells and photovoltaic generation system," and a deal on porcelain imports, said state media outlet Xinhua.An official with the Chinese Consulate in Houston declined to provide details on the companies involved.Wang's Houston delegation included 120 government and business officials, said the Greater Houston Partnership, the city's business development arm.It included chief executives from some of China's largest firms in the areas of trade, health, biotechnology, real estate, manufacturing, banking and education, the Partnership said.Chinese officials and company representatives will hold similar events in Washington, Boston, Chicago, Minneapolis, Raleigh, North Carolina, and Frankfort, Kentucky, this week.Business deals worth potentially tens of billions of dollars could be announced, but US industry officials have been hesitant to estimate a dollar amount.In Washington, US President Barack Obama and Hu are expected to discuss a wide range of issues, including stability on the Korean peninsula and simmering tensions over a ballooning trade gap.The US trade deficit with China is expected to hit USD 270 billion this year. The two countries blame each other for causing problems in international commerce. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
