China, US sign trade agreements worth $253.5 bn


BEIJING, Nov 9 (APP):China and the United States (US) Thursday signed bilateral trade agreements amounting to US$253.5 billion, covering energy, automobile, technology and aeronautics sectors at a business forum held here.
Chinese President Xi Jinping and the US President Donald Trump witnessed the signing ceremony.
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.
The 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.
China and the US 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, said trade relations between China and the US had not been prioritized by previous administrations in Washington.