Trade and Currency

China, US reach $45 billion export deals

(Agencies)
Updated: 2011-01-20 16:01

WASHINGTON - China and the United States on Wednesday agreed on $45 billion in US export deals and to give US companies greater access to China's $88 billion-plus government contracts market at the start of President Hu Jintao's four-day state visit.

President Hu Jintao (L) and US President Barack Obama (R) preside over a meeting with business leaders in the Eisenhower Executive Office Building at the White House in Washington, January 19, 2011.[Photo/Agencies]

White House officials said the agreements included a $19 billion contract to buy 200 Boeing aircraft for delivery between 2011 and 2013.

"From machinery to software, from aviation to agriculture, these deals will support some 235,000 American jobs -- and that includes many manufacturing jobs," US President Barack Obama said at a joint press conference with Hu.

Another deal involving GE builds on an existing partnership with the Chinese Ministry of Railways to bring Chinese high-speed rail technology to the United States, and for GE to manufacture locomotives for China.

The White House also announced deals in various stages of development involving Honeywell, Caterpillar, Westinghouse Electric, a unit of Japan's Toshiba Corp, and other companies. The announcements served to underscore the theme of economic cooperation struck by Hu and Obama.

In the meeting with Chinese and US business leaders, Hu said he saw "a promising future" for US-China trade and pledged to maintain a "transparent, just, fair, highly efficient investment climate" for foreign firms.

Full Coverage: President Hu visits United States