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  HOME | Business & Economy (Click here for more)

China, US Sign Trade Agreements Worth $253.5 Billion

BEIJING The Presidents of China and the United States signed on Thursday bilateral trade agreements worth $253.5 billion, covering sectors such as energy, automobile, technology and aeronautics, at a business forum in Beijing.

China called the agreements, signed by Xi Jinping and Donald Trump, a historical miracle.

The state-run China Petrochemical Group, China Investment Corporation and Bank of China signed agreements worth $43 billion to explore and extract gas in Alaska.

US firm Boeing and China Aviation Supply Holding Company also signed an agreement to manufacture aircraft worth $37 billion.

Goldman Sachs and the Chinese Investment Corporation, too, ratified an industrial cooperation agreement to invest $5 billion in the US manufacturing industry and consumer and healthcare companies.

US and China also signed a chip sales agreement for $4 billion and another to buy soybeans worth $1.6 billion from the US by Chinese state company Cofco.

In the transport sector, Ford and Ford China signed an agreement worth $9.5 billion, while General Motors and Shanghai General Motors signed another deal valued at $2.2 billion.

Speaking at the close of the business forum, Xi said the agreements indicate the great bilateral trade potential between China and the US.

Trump, on his part, regretted that trade relations between China and the US have not been prioritized by previous administrations in Washington.

 

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