Chinese spending spree in U.S. could include power plants
General Electric Co. recently disclosed energy, aviation and rail projects with China worth at least $2.1 billion in sales--the first of what is expected to be a number of megadeals announced during Chinese President Hu Jintao's state visit in Washington.
One of the collaborations involves a five-year joint venture with China Huadian Corp. to produce and install at least 50 gas turbine generators, which the company said will bring in about $500 million in revenue. In announcing the agreement, GE and the Department of Commerce emphasized how the deal with benefit the U.S.-- $350 million will be U.S. exports and could create about 2,100 U.S. jobs.
The Wall Street Journal reported that similar announcements are in the works: "The Shanghai-based venture with Aviation Industries of China will handle the development and sale of all new integrated avionics systems for the two companies... The U.S. also expects deals in the computer and agricultural areas. The White House expects the centerpiece of the package to be the sale of Boeing Co. jets."
Separately, a Chinese trade mission in Houston signed $600 million in deals with U.S. companies that do business in porcelain and cotton and an agreement to collaborate on development of solar power.
"These six deals are just the start of further strengthening Chinese-U.S. economic cooperation," deputy commerce minister Wang Chao said in a statement.
The Ministry of Commerce said Wang will soon lead a 500-member mission comprised of businessmen and trade officials to Chicago--one of the stops on Hu's visit and of course U.S. President Obama's old stomping grounds--to explore other possible deals.
Related News
Canadian Gov't and PEI invest in new transmission line to support wind energy production
CHARLOTTETOWN - The health and well-being of Canadians are the top priorities of the Governments of Canada and Prince Edward Island. But the COVID-19 pandemic has affected more than Canadians' personal health. It is having a profound effect on the economy.
That is why governments have been taking decisive action together to support families, businesses and communities, and continue to look ahead to see what more can be done.
Today, Bobby Morrissey, Member of Parliament for Egmont, on behalf of the Honourable Catherine McKenna, Minister of Infrastructure and Communities, the Honourable Dennis King, Premier of Prince Edward Island, the Honourable Dennis King,…
