The agreements signed with China, the source said, will generate employment for about 235 000 Americans. During the four-day visit of Hu Jintao, about 70 contracts have been signed for supplying products to China by the American companies working in the fields ranging from agriculture to manufacturing of cars with hybrid engines.
One of the biggest contracts was the agreement to supply 200 aircraft to China manufactured by Boeing worth US$19 billion. In addition, China signed an agreement with major US companies such as aluminum giant Alcoa, aerospace company Honeywell, manufacturer of nuclear reactors and equipment for nuclear power plants Westinghouse, Caterpillar, specialising in construction and mining equipment, as well as General Electric.
In addition, during the state visit, said the official, Chinese investment in the US economy totaling three billion dollars would also be announced.
It was also planned that on the eve of Chinese President’s state visit, Barack Obama would meet leaders of major American and Chinese companies. The main objective of the meeting would be to promote Chinese investments in the US economy and export of American products to China.
Over the past several years, China has been a major exporter of goods to the US. Negative US trade balance with China in 2009 totaled US$230 billion — more than half of all US balance of payments deficit.
Imbalance in external trade with China has often been a contentious subject of US legislators and members of the administration of the US President.
Source: Seer Press