Source: CCTV.com

12-14-2006 11:31

On the eve of the China-US strategic dialogue, US commerce secretary Carlos Gutierrez presided over the signing of 4 contracts in Beijing that represent expanded access to China's market. The commercial cooperation highlights the strengthening economic relationship between the two countries.

The signings build upon last month's trade mission that Gutierrez led to China with 25 American companies exploring new commercial opportunities. The Commerce Secretary says the new deals support jobs in the US, and further increases US exports to China which are up 34 percent this year.

US Commerce Secretary Carlos Gutierrez said:"Commercial engagement built on fair, effective rules is the foundation of the healthy, strong and continually growing trade relationship that we envision between China and the United States."

Wednesday's signings include US retailer Home Depot, which buys Chinese home improvement chain the Home Way, making its first foray into China's retail sector. The acquisition will give Home Depot 12 stores in six cities and access to a 50 billion home improvement market that is growing at 20 percent annually. The deal is expected to close by the end of the year. Terms of the deal were not disclosed.

Also signed on Wednesday were deals between Oshkosh Truck and Quzhou Airport in Zhejiang province in eastern China, a deal between VeriSign and the China Netcom, and GE's engine sale to Shanghai Airlines, worth a handsome 550 million US dollars.

 

Editor:Lu Yuying