Economy

US, China reach $45b export deals

(Agencies)
Updated: 2011-01-20 10:37

WASHINGTON - The United States and China reached agreement on export deals worth $45 billion including a major contract with Boeing, the White House said on Wednesday at the formal start of Chinese President Hu Jintao's state visit.

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The agreements included China's final approval of a $19 billion contract to buy 200 Boeing aircraft for delivery between 2011 and 2013, which US officials estimated would support 100,000 American jobs.

"We value China's support for our products and its confidence in Boeing," said Jim Albaugh, CEO of Boeing Commercial Airplanes. "With the outstanding support provided by the United States Government, this deal is a win-win for the Boeing-China partnership which is approaching its 40th anniversary.

Other deals involved Honeywell, Caterpillar and Westinghouse Electric, a unit of Japan's Toshiba Corp.

Chinese officials told the Obama administration that Chinese companies had signed 70 contracts worth $25 billion in US exports from 12 states, US officials said.

Altogether, the Boeing and other deals will support an estimated 235,000 American jobs, they said.