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China, US Sign Deals of US$6 Billion

A Chinese delegation headed by Zhang Guobao, vice minister of the State Development and Reform Commission, signed three procurement deals worth US$4.7 billion with US companies, Boeing, General Electric and General Motor, in Washington and Detroit on November 12.


Five Chinese airline companies signed to buy 30 Boeing 737 airliners for US$1.7 billion. According to the agreements, these aircraft will be delivered to Air China, Hainan Airlines, Shandong Airlines, Shenzhen Airlines and Xiamen Airlines in 2005 and 2006.


China Aviation Industry Corporation I signed a long-term deal with General Electric, buying GE engines for the production of ARJ21 jets. The total value of the deal will be up to US$3 billion in the coming 20 years.


“These two deals with Boeing and GE are the start of a multi-industry purchasing spree in the United States that will also include agricultural products, autos and auto components, as well as telecommunication equipment,” said Zhang Guobao at the signing ceremony held in Washington. China is making efforts to narrow its trade surplus with the United States, but the final solution requires joint efforts, he added, urging US government to relax its discriminative export control policy against China.


US Commerce Secretary Don Evans said that he welcomed the deals reached between the two countries. “These multibillion-dollar contracts are a big victory for Boeing and GE,” he said. “They will generate corporate revenue. They will support high tech manufacturers and generate thousands of jobs.” Evans also noted that the US is working to consolidate and expand its trade relations with China.


According to a Chinese News Service report, earlier today (Beijing time), the Chinese delegation also signed to buy from General Motors 4,500 Cadillacs, Buicks and other brands. General Motors will also provide assembly workshops in China for auto components. The contract is worth US$1.3 billion. In addition, Ford and Daimler Chrysler have also announced their cooperation plans with China.


(China.org.cn by Chen Qiuping, November 13, 2003)

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