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China signs $1.6 billion deal with US(12/19/03)

   China signed contracts with the United States on Dec 18 afternoon to import US soybeans and eletro-mechanical equipment, a measure adding substance to a consensus reached earlier this month.

    The consensus, between Chinese Premier Wen Jiabao and US President George W. Bush, is on strengthening economic and trade relations between the two countries.

    The contracts, totaling 1.59 billion US dollars, were signed at the Chicago Board of Trade (CBOT) by a Chinese enterprise purchasing mission organized by the China Chamber of Commerce and its US counterparts.

    Under the soybean contracts, Chinese companies will buy American soybeans worth 1.4 billion dollars. They will also purchase 190 million dollars of US machinery and electronic products.

    Chinese Vice Minister of Commerce Liao Xiaoqi, head of the government economic and trade delegation, attended the signing ceremony.

    The delegation said in a news release that the Chinese government attaches great importance to economic and trade cooperation with the United States and is vigorously pushing for the steady and healthy development of their economic and trade ties.

    The Chinese government encourages enterprises in their efforts to increase imports from the United States so as to cut back on the trade deficit, the delegation said.

    The development of China-US economic and trade relations had brought tangible economic benefits to people of both countries. The relationship, which was mutually beneficial and highlighted a win-win outcome, would certainly make a positive contribution to the economic prosperity in their neighboring countries, and globaleconomic growth at large, it said.


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