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Largest China biz delegation sign 30 plus deals with Italy
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17:58, July 07, 2009

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Commerce Minister: protectionism not China solution against protectionism

Chinese President Hu promotes new economic co-op potential with Italy, EU

China active in boosting intl' co-op on tackling crisis - special

A number of trade and investment agreements between Chinese and Italian enterprises, guilds and governments were reached during Chinese President Hu Jintao's visit to Rome. The agreements have deepened bilateral economic and trade cooperation and will be helpful for China's industrial restructuring and technological progress.

Talks on July 5 and 6 between about 500 Italian enterprises and more than 300 Chinese business people in the China Trade and Investment Promotion Delegation, has led to more than 30 contracts and intent agreements with Italian businesses on hi-tech, machinery equipment, information and communication, automobile, textile and light industry. The delegation is one of the biggest delegations ever on Sino-Italian trade economic exchanges.

Fiat, one of the world's top ten auto makers, and Guangzhou Automobile Group, one of China's state-owned auto giants, have agreed to launch a 740 million USD passenger car project in China.

An array of deals have also been reached on procurement and technological cooperation in the field of energy conservation and environmental protection, transportation, and designing.

The visit has boosted China's hi-tech exports. A Beijing-based solar cell producer will sell its products to an Italian company. ZTE and Huawei have promoted their telecom and network equipment there.

There are agreements in the banking sector. A deal between China Development Bank and Mediobanca SpA for example will result in credit cooperation on clean energy, infrastructure and telecom.

The Chinese Ministry of Commerce and Italian Economic Development Department signed three memorandums of understanding on investment facilitation, hit-tech cooperation, establishment of a working group on energy conservation and environmental protection respectively.

According to Chinese Ministry of Commerce, these are the most intensive and extensive inter-governmental agreements that have ever been reached between the two countries in their economic and trade visits in recent years.

Chinese chambers of commerce for food stuff, native produce and motorcycles also reached agreements with their Italian counterparts.

The Chinese delegation will also visit Portugal, Finland and Sweden. It is the fourth such visit by Chinese business delegations to Europe this year.

These visits demonstrate China's commitments on open trade and investment and on its willingness to join hands with the rest of the world to tackle the current financial and economic crisis, said Gao Hucheng, Chinese vice minister of Commerce.

By People's Daily Online

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