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China, U.S. sign half-billion-dollar deals ahead of Hu's visit

01-18-2011 11:45 BJT Special Report:Chinese President Hu Jintao Visits US |

HOUSTON, Jan. 17 (Xinhua) -- Chinese and U.S. businesses signed six agreements worth of 574 million U.S. dollars in Texas on Monday, one day ahead of Chinese President Hu Jintao's state visit to the United States.

The deals include two cotton import agreements, an agreement on import of CKD kits, an agreement on development and application of efficient crystalline silicon solar cells and PV generation system, a porcelain product import agreement, and an MOU between the Chinese Chamber of Commerce for Import and Export of Machinery and Electronic Products and the Greater Houston Partnership, the primary advocate of Houston's business community.

The agreements were signed during a visit to Texas by a Chinese business delegation led by Vice Commerce Minister Wang Chao.

The deals were only the start for a further promotion of the Sino-U.S. trade relations, Wang said at a news briefing following the signing ceremony.

The Chinese government highly values and supports the Sino-U.S. business cooperation that aims at a win-win result, and it is the mission of the Chinese delegation to encourage more Chinese purchase from and Chinese investment in the United States, Wang said.

He also urged the U.S. federal and state governments to facilitate Chinese companies' investment and operation in the country.

China and the United States are second largest trade partners to each other, as the U.S. investment in China has exceeded 60 billion U.S. dollars and Chinese investment in the United States totalled some 4.4 billion and is expected to grow in the future, Wang said.

Last year the U.S. export to China grew 34 percent and is expected to exceed 100 billion U.S. dollars in 2011, said Craig Allen, deputy assistant secretary of the U.S. Department of Commerce.

The Chinese delegation included over 300 entrepreneurs from more than 200 companies in such sectors as energy, machinery, electronics, environmental protection, chemical engineering, pharmacy, agriculture and banking.

The delegation will also visit other U.S. states to sign deals and hold forums and symposiums on investment environment.

Editor:Du Xiaodan |Source: Xinhua

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