News / Asia

China Agrees to $45 Billion in US Export Deals

President Barack Obama and Chinese President Hu Jintao stand quietly during an official arrival ceremony for Hu at the White House, 19 Jan 2011.
President Barack Obama and Chinese President Hu Jintao stand quietly during an official arrival ceremony for Hu at the White House, 19 Jan 2011.

China has agreed to $45 billion in export deals with U.S. companies, with nearly half of the contracts a commitment to buy 200 Boeing aircraft costing $19 billion.

In advance of an official announcement, a senior White House official said on Wednesday the trade agreements would cover a broad range of manufacturing, chemical, agriculture and technology investments.  The official said the deals would benefit 70 companies in 12 U.S. states and support 235,000 jobs.

As part of the agreement, China also said it would add another $3 billion in investments to Chinese firms in the U.S.

News of the trade deals came as U.S. President Barack Obama and Chinese President Hu Jintao opened a summit at the White House.  While the two leaders face disagreements on human rights and currency valuation issues, the U.S. has also pushed to sharply narrow its significant trade gap with the world's most populous nation.  China-U.S. trade totals more than $400 billion annually, but China's trading surplus might have reached $270 billion last year.

Mr. Obama has invited some of the top U.S. business leaders to meet with him and Mr. Hu in an effort to help promote American exports to China.

Chief executives from such well-known U.S. companies as Microsoft, the Goldman Sachs Group, General Electric, Boeing and Coca-Cola are among 14 that Mr. Obama invited.  Mr. Hu brought along four key business executives representing Chinese computer technology, home appliance, automotive parts and investment companies.

While the leaders mentioned ongoing policy differences between them during the official opening ceremony on the White House lawn, the U.S. has also cited the "important economic relationship" between the countries.

Creation of more U.S. jobs is particularly important to Mr. Obama, as the U.S. has struggled to reduce unemployment.  Nine percent or more of the American workforce has been jobless for 20 straight months.

Numerous U.S. companies are seeking to increase their foothold in China, one of the key ones being General Electric.  The international conglomerate is signing a number of deals with China this week involving energy, rail and aviation manufacturing, deals that GE thinks will boost its profits and save U.S. jobs.

Some U.S. firms say that their initial investments in China have proved difficult, complaining that Chinese government regulations favor China's firms and that protection of intellectual property laws is weak.  As part of the new trade agreements, China says it will deal with foreign companies in a more even-handed manner and allow use of more imported technology.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Video Protests Continue in Ferguson, Spread to Other US Cities

Missouri officials say deployment of more than 2,000 National Guard soldiers helps curb second night of rampant arson and looting in Midwestern town More

Video Ebola, Crackdown on Illegals Hit Business in Guangzhou

Chinese city has largest community of Africans in Asia More

Video Legendary Lebanese Actress, Singer Sabah Dies at 87

Music and film diva, affectionately called 'Sabbouha' by millions of her fans, performed at Carnegie Hall in New York, Royal Albert Hall in London, Olympia in Paris, Sydney Opera House in Sydney More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Aung San Suu Kyi: Myanmar Opposition to Keep Pushing for Constitutional Changei
X
November 24, 2014 10:09 PM
Myanmar opposition leader Aung San Suu Kyi says she and her supporters will continue pushing to amend a constitutional clause that bars her from running for president next year. VOA's Than Lwin Htun reports from the capital Naypyitaw in this report narrated by Colin Lovett.
Video

Video Aung San Suu Kyi: Myanmar Opposition to Keep Pushing for Constitutional Change

Myanmar opposition leader Aung San Suu Kyi says she and her supporters will continue pushing to amend a constitutional clause that bars her from running for president next year. VOA's Than Lwin Htun reports from the capital Naypyitaw in this report narrated by Colin Lovett.
Video

Video Mali Attempts to Shut Down Ebola Transmission Chain

Senegal and Nigeria were able to stop small Ebola outbreaks by closely monitoring those who had contact with the sick person and quickly isolating anyone with symptoms. Mali is now scrambling to do the same. VOA’s Anne Look reports from Mali on what the country is doing to shut down the chain of transmission.
Video

Video Ukraine Marks Anniversary of Deadly 1930s Famine

During a commemoration for millions who died of starvation in Ukraine in the early 1930s, President Petro Poroshenko lashed out at Soviet-era totalitarianism for causing the deaths and accused today’s Russian-backed rebels in the east of using similar tactics. VOA’s Daniel Shearf reports from Kyiv.
Video

Video Hong Kong Protests at a Crossroads

New public opinion polls in Hong Kong indicate declining support for pro-democracy demonstrations after weeks of street protests. VOA’s Bill Ide in Guangzhou and Pros Laput in Hong Kong spoke with protesters and observers about whether demonstrators have been too aggressive in pushing for change.
Video

Video US Immigration Relief Imminent for Mixed-Status Families

Tens of thousands of undocumented immigrants in the Washington, D.C., area may benefit from a controversial presidential order announced this week. It's not a path to citizenship, as some activists hoped. But it will allow more immigrants who arrived as children or who have citizen children, to avoid deportation and work legally. VOA's Victoria Macchi talks with one young man who benefited from an earlier presidential order, and whose parents may now benefit after years of living in fear.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.
Video

Video Tensions Build on Korean Peninsula Amid Military Drills

It has been another tense week on the Korean peninsula as Pyongyang threatened to again test nuclear weapons while the U.S. and South Korean forces held joint military exercises in a show of force. VOA’s Brian Padden reports from the Kunsan Air Base in South Korea.
Video

Video Mama Sarah Obama Honored at UN Women’s Entrepreneurship Day

President Barack Obama's step-grandmother is in the United States to raise money to build a $12 million school and hospital center in Kogelo, Kenya, the birthplace of the president's father, Barack Obama, Sr. She was honored for her decades of work to aid poor Kenyans at a Women's Entrepreneurship Day at the United Nations.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.

All About America

AppleAndroid