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Home >> Business
UPDATED: 19:06, April 07, 2006
China, U.S. sign US$4.44 billion procurement contracts
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A Chinese entrepreneur delegation and the Los Angeles municipality signed Thursday in Los Angeles an array of procurement contracts worth 4.44 billion U.S. dollars.

The contracts involved 27 projects, ranging from software, power generation equipment to automobiles and electronic products.

The signing ceremony was attended by visiting Chinese Vice Premier Wu Yi and Mayor of Los Angeles Antonio Villaraigosa as well as Michael Antonovich, chairman of the Board of Supervisors of the Los Angeles county.

Wu said that the Sino-US trade relationship was a key part of the bilateral ties, and it was in conformity with the fundamental interests of the two peoples to keep it moving in a healthy and steady way.

The bilateral trade volume reached 211.63 billion dollars in 2005, 86 times more than that of 1979 when their diplomatic ties were established.

China now is the third largest trade partner of the United States, which stands as China's No.2 trade partner.

As for the trade frictions between the two countries, Wu described them as a natural phenomenon when their business relations grow rapidly.

Wu called for candid, objective and equal-footing discussions to seek solutions to the trade frictions, adding that trade issues should not be politicized.

Echoing Wu's remarks, the American hosts maintained that the signing of the contracts was of great commemorative significance to both sides.

They said those contracts were the result of joint efforts by Chinese and America entrepreneurs, which have helped enhance mutual trust and understanding, and boost common interest in bilateral trade.

Source: Xinhua

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