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China embarks on US buying spree
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| Contributor | User 13 |
| Last Edited | User 13 Nov 13, 2003 09:06am |
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| Category | News |
| Media | TV News - British Broadcasting Corporation BBC News |
| News Date | Thursday, November 13, 2003 06:00:00 AM UTC0:0 |
| Description | China is opening its market to US planes and cars in a move which could ease growing trade tensions.
Beijing has signed $1.7bn in aircraft and engine deals for 30 Boeing 737s with General Electric engines.
At the same time, pacts with the Big Three US carmakers will allow thousands more US-made vehicles into the fast-growing Chinese auto market.
The US has criticised China for an under-valued currency and a swelling trade surplus.
The Boeing-GE plane deal is designed to supply new aircraft for five Chinese airlines, for delivery in 2005-6.
China's aviation businessis the fastest-growing in the world, with up to 100 airports expected to open in the next decade.
A separate deal to supply engines for a regional jet project could bring GE up to $3bn over the next 20 years.
And aside from the car agreements - which allow extra imports of thousands of cars from GM, Ford and DaimlerChrysler - GM is planning to start car financing operations, in a joint venture with Shanghai Automotive Group Finance Co.
"These latest commercial sales are a sign that China wants to build a stronger trade relationship with the US," said US Commerce Secretary Don Evans.
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