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China buys 4.32 billion dollars worth of US electronic products(05/10/07)

San Francisco- IT companies from China and the United States met at the Intercontinental Mark Hopkins Hotel, San Francisco on Wednesday afternoon and signed 26 purchasing contracts and one investment agreement with a total value of 4.32 billion US dollars.

According to the contracts, 12 Chinese companies including Lenovo, China Netcom and SMIC will buy 4 billion dollars worth of software, computer, semiconductor and other IT products from US companies. Microsoft, Sisco and Oracle are among the 23 US companies that have inked the contracts and stand to benefit form the mega size contract.

In addition, Jiangxi Hongyuan Company signed an investment agreement to invest 95 million US dollars in a R&D center in San Francisco.

Alongside the signing ceremony, the Chinese and US companies also met and had in-depth discussions at a China-US hi-tech cooperation forum held at the same venue.

Madam Ma Xiuhong, China's Vice Minister of Commerce presided over the events. She is leading a China trade, investment and cooperation promotion delegation consisting of 369 senior management personnel from 208 Chinese companies to the United States. San Francisco is the first of a dozen stops of the Vice Minister and her delegation's purchasing tour in the United States.

China is the fourth biggest trading partner of California, whose export to China last year was a record high, totaling 10 billion US dollars, according to Vice Minister Ma while addressing the event. She went on to stress that her delegation wanted to enhance mutual understanding between the business communities of both countries and promote common development.

In a little over a week's time, the second China-US Strategic Economic Dialogue will be held in Washington, DC. Though it will be an occasion for the two sides to discuss overarching, strategic and long-term macro-economic issues of shared interest rather than dealing with day-to-day specific problems, the massive purchases by the trade, investment and cooperation promotion delegation clearly demonstrated China's vigorous efforts and positive attitude to resolve the problems in bilateral trade.

The delegation is divided into five groups-machinery and electronics, food stuff and native products, cotton, furniture and household products, and investment promotion

--according to the type and focus of the Chinese companies involved. They will head in all direction throughout America, such as the States of Georgia, Washington, Ohio, North Carolina, South Carolina, and the Great Lakes States.


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