BEIJING, Dec. 14 -- U.S. companies yesterday signed
major deals with Chinese firms ahead of a high-level Sino-US strategic economic
dialogue that starts today in Beijing.
The agreements, ranging from
high-tech products to retail, are expected to boost U.S. exports to China, which grew 23 percent year-on-year in
the first 11 months.
The deals were signed at a ceremony attended by U.S.
Commerce Secretary Carlos Gutierrez. They include:
U.S. retailer Home Depot Inc will buy a chain of 12
Chinese home- improvement stores. The value of Atlanta-based company's purchase
of The Home Way was not announced, but earlier reports put it at 100 million
U.S.dollars.
GE Aviation will provide engines and maintenance
services worth 550 million dollars to Shanghai Airlines.
The engines are for nine Boeing 787 Dreamliner
aircraft ordered by the airline. The engines are valued at 300 million dollars
and the additional follow-on service contract is worth 250 million dollars.
Oshkosh Truck Corp will sell US-made airport rescue
and firefighting equipment to Quzhou Airport in East China's Zhejiang Province.
"This is an important business opportunity for
Oshkosh as we work to expand our presence, service and sales in the China market
for airport and municipal apparatus," said Michael Crowe, Oshkosh president of
Asia Operations.
VeriSign and China Netcom Group and the Ministry of
Information and Industry will set up a system to help create domain names.
The system is expected to help improve response time
and reliability for Internet users in China.
"Commercial engagement built on fair, effective rules
is the foundation of the healthy, strong and continually growing trade
relationship that we envision between China and the United States," Gutierrez
said.
Yi Xiaozhun, vice-minister of commerce, said: "The
scope of Sino-U.S. economic exchanges has expanded to every sector of the
economy from only trade."
For the United States, he added, China has become one
of the fastest-growing export destinations and one of the largest destinations
of foreign investment.
Gutierrez said he hoped that more US products will
"soon be recognized" in China; and pushed Beijing to do more in economic reforms
and protection of intellectual property rights.
"Our economic relationship will be strengthened by
market forces that foster competition and adherence to the rule of law," he
said.
The signings were built upon last month's trade
mission that Gutierrez led to China with 25 US companies to explore commercial
opportunities. Three of the four US companies that signed agreements yesterday
Home Depot, Oshkosh Truck Corporation and VeriSign were participants.
Gutierrez is one of the members of a high-powered
delegation led by U.S. Treasury Secretary Henry Paulson for a two-day strategic
economic dialogue beginning today with high-profile Chinese officials.
In addition to Paulson, the team comprises six
members of cabinet rank including Gutierrez and the Federal Reserve Chairman.
They are expected to discuss the bilateral trade imbalance, the renminbi
exchange rate, intellectual property rights protection and restrictions on U.S.
exports to China.
(Source: China Daily)