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Deals worth $13.6 b inked on eve of SED

By Diao Ying (China Daily)
Updated: 2008-06-18 07:31

China and the US signed 71 deals worth $13.6 billion on Monday (yesterday Beijing time) as the two countries' senior officials prepared for the fourth Strategic Economic Dialogue (SED) to ease trade tensions and promote economic collaboration.

The deals were signed by entrepreneurs of the two countries in Washington DC and Missouri, according to which China will buy soybean, energy-saving equipment, telecom products and plane engines from the US, the Ministry of Commerce said on its website.

The Chinese delegation to the US is led by the Ministry of Commerce and includes ministers, other senior officials of State Council departments and 120 entrepreneurs.

The SED is held twice a year, alternating between the two countries. Some major trade deals are usually signed during the dialogue as a sign of goodwill.

Last year, Wu Yi, then vice-premier, led a delegation that signed deals to buy more than $30 billion worth of products from the US.

These deals, part of China's effort to increase its imports from the US, are conducive to the healthy development of trade ties, Minister of Commerce Chen Deming said.

"The Chinese and US economies are complementary," he said at the signing ceremony on Monday. "It is in the interest of China and the US both to enhance trade cooperation."

Sino-US trade reached $302 billion last year; it was less than $2.5 billion in 1979. And in the first five months of this year, it increased by 13.3 percent year-on-year to reach $130.5 billion.

Although China still enjoys a trade surplus over the US, imports from that country have been increasing. For instance, China imported about $35 billion worth of goods from the US in the first five months, up 26.3 percent year-on-year.

According to the agreements signed on Monday, Chinese firms will also import more than 81,500 vehicles from major US car manufacturers, including General Motors and Ford. China is a major buyer of US soybean, and 14 of its companies will import $3 billion worth of the product.

(China Daily 06/18/2008 page1)