Many business deals seen during US-China summit
Chinese President Hu Jintao will bring new business deals and possible commitments to buy US beef and software when he visits Washington next week, a US business group said on Friday.
January 15, 2011 / 14:37 IST
Chinese President Hu Jintao will bring new business deals and possible commitments to buy US beef and software when he visits Washington next week, a US business group said on Friday.
"He will come with gifts," said Myron Brilliant, senior vice president at the US Chamber of Commerce, told reporters ahead of the formal state visit. "There are many companies that will be signing contracts."China has a pattern of tying business deals to high-level visits to try to generate political good will.Brilliant declined to comment on the commercial value of contracts to be signed next week, but said the ceremony would take place at the White House.The US business community appreciates such gestures, but also wants Hu and President Barack Obama to lay out a clear vision of how the world's two largest economies will manage commercial ties in coming decades, he said."We are obviously concerned about the impact of China's state-led development and the use of industrial and regulatory policies that hinder opportunities for our companies and impose greater threats in terms of future opportunties," he said.In a sign of the important role economic issues will play in next week's visit, Hu's one public speech will be at a lunch on Thursday co-hosted by the US-China Business Council.Last month, Chinese officials pledged during high-level talks in Washington to address a number of US trade concerns in areas ranging from import restrictions on US beef to increased use of legal software by Chinese government agencies and state-owned enterprises."I am hopeful President Hu Jintao's visit will cement these commitments," Brilliant said, noting several US officials have in China over the past 10 days for follow up talks.The US Chamber of Commerce also wants to hear a clear statement China is determined to shift from an export-led growth strategy to one that relies more on increasing domestic consumption to fuel future growth, he said."We also have to listen to the Chinese when it comes to wanting to invest in our country. We should encourage that. It creates jobs in our market," Brilliant said.At the same time, "it's fair for us to press the Chinese to adopt the right kind of policies that will keep their market open to our goods and services," he said. 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!
