China, France sign business deals

Updated: 2014-03-27 06:33

By Wu Jiao in Paris (

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China and France signed a slew of business deals Wednesday featuring aviation and automobile cooperation.

Announced during a a visit by Chinese President Xi Jinping, the two countries signed some 50 deals worth 18 billion euros ($25 billion), French leader Francois Hollande said in a joint press conference with Xi after the meeting.

"The some 50 agreements that were signed today represent a value of 18 billion euros," Hollande said.

"Eighteen billion euros of contracts means jobs, growth and, most of all, significant prospects for the coming years."

According to the titles of the contracts announced at the signing ceremony presided by the two presidents, Airbus is to consolidate industrial cooperation with China and also to cooperate with Chinese aviation authority on new air traffic management technology.

AFP also reported that Airbus is set to agree the sale to China of at least 150 aircraft worth $20 billion, in a deal that could include both planes and helicopters.

Meanwhile, PSA Peugeot Citroen and China's Dongfeng Motor Group also signed a framework deal on Wednesday to proceed with a planned 3 billion euro ($4.1 billion) capital increase for the French carmaker, which means that Dongfeng will take up to 14 percent Peugeot stakes.

The Chinese side has not announced the details of the two contracts.

Other agreements include cooperation in the nuclear, finance, and quality control sectors.

Xi is now on the second day of his three-day State Visit to France, which comes on the 50th year of full diplomatic ties.

The two presidents will attend activities aimed at celebrating the 50th anniversary Thursday. Xi will also deliver a speech in the Paris-based UNESCO.

Xi is on his first-ever European tour and after visiting The Netherlands and France will head to Germany and Belgium.

AFP contributed to the story