China signs US$1.59B worth of import contracts with US

Home>>Business

Last updated at: (Beijing Time) Friday, December 19, 2003

China signs US$1.59B worth of import contracts with US

China's second-batch purchase delegation to the United States signed contracts worth 1.59 billion US dollars on the afternoon of December 18 in Chicago, including nearly 1.4 billion worth soybean and about 200 million worth mechanical and electrical equipment.

DISCUSSION

CHINESE

SEND TO FRIEND

China signed contracts with the United States on Thursday afternoon to import US soybeans and eletro-mechanical equipment, a measure adding substance to a consensus reached earlier this month.

The consensus, between Chinese Premier Wen Jiabao and US President George W. Bush, is on strengthening economic and trade relations between the two countries.

The contracts, totaling 1.59 billion US dollars, were signed at the Chicago Board of Trade (CBOT) by a Chinese enterprise purchasing mission organized by the China Chamber of Commerce and its US counterparts.

Under the soybean contracts, Chinese companies will buy American soybeans worth 1.4 billion dollars. They will also purchase 190 million dollars of US machinery and electronic products.

These are two big deals between the two countries following China's purchase of 6.7 billion dollars worth of Boeing aircraft and General Motor's generators and cars before Chinese Premier Wen Jiabao's US visit. The soybean deal includes 2.5 million tons formal contract and another 2.5 million tons letter of intent, the buyers being 12 Chinese companies for import/export and processing of grain and cooking oil; the equipment deal includes gas unit, medical equipment, mining equipment and dredger.

Chicago is the first stop of the Chinese purchase delegation, after that it will go to Tampa, Florida for fertilizers and Huston, Texas for aluminum oxide.

Chinese Vice Minister of Commerce Liao Xiaoqi, head of the government economic and trade delegation, attended the signing ceremony.

Liao said that this is a concrete action taken in the sprit of the consensus on trade reached during Premier Wen's US visit, which shows China's utmost sincerity for reversing China-US trade imbalance. He stressed at the same time that the major solution to US trade deficit to China should be expanding exports to China instead of limiting imports from China, and the United States should also loosen restrictions on its hi-tech exports to China.

The delegation said in a news release that the Chinese government attaches great importance to economic and trade cooperation with the United States and is vigorously pushing for the steady and healthy development of their economic and trade ties.

The Chinese government encourages enterprises in their efforts to increase imports from the United States so as to cut back on the trade deficit, the delegation said.

The development of China-US economic and trade relations had brought tangible economic benefits to people of both countries. The relationship, which was mutually beneficial and highlighted a win-win outcome, would certainly make a positive contribution to the economic prosperity in their neighboring countries, and global economic growth at large, it said.

By People's Daily Online

Questions?Comments? Click here

Chinese delegation ready for soybeans shopping in US

Sino-US economic, trade cooperation promising: vice premier

>> Full Coverage

China opposes foreign interference on HK affairs: Official ( 54 Messages)

China seeks int'l support in counter-terrorism ( 12 Messages)

Former Iraqi President Saddam Hussein arrested ( 101 Messages)

Nanjing Massacre remembered ( 54 Messages)

Abandoned Chinese babies find love from foreign parents ( 3 Messages)