China Ready to Purchase 200 Boeing Aircrafts
According to a Washington Official super powers USA and China have entered into a pact where the former has signed an export deal with the latter at $45 bn (£28bn). One unique part of this deal includes China’s purchase of a 200 Boeing aircraft. This step comes in the midst of an official state visit by the President of China Hu Jintao to the US. Among the prominent US chief executives present at the deal was Jim McNerney, Chief Executive of Boeing. The meeting was conducted on Wednesday in the presence of both the Presidents on the two nations, President Hu and Barrack Obama in the White House.
China Ready to Purchase 200 Boeing Aircrafts
Under the above deal the Chinese Government has approved contracts that are worth of $45 billion dollars with companies in the US to export goods to China. The details of the deal were confirmed by the Obama administration on Wednesday. In addition to the above contracts, the deal also supports an estimated 235,000 jobs that were exclusively for US workers. This was released by a statement by the White House. The deal will be covering a number of exports of goods. The exports include agricultural products, automobiles, auto parts, computers, industrial materials as well as technology. The above announcement comes at a time when Presidents of both the nations are holding a series of high end and profile meetings in Washington.
The other prominent corporate heads that were attending the meet were Steve Ballmer of Microsoft, Jeff Immelt of General Electric and Lloyd Blankfein of Goldman Sachs. The other beneficiaries of the above deal was the major technological company Honeywell, the construction equipment manufacturer Caterpillar and Westinghouse that is the nuclear power corporate that is a prime subsidiary of Japanese company Toshiba. The above deal is of course brilliant news for the Boeing that is scheduled to arrive after a postponement of 6 months to the other Dreamliner aircraft. The arrival of the aircraft would also help it to beat arch rival the European Air Bus that in the month of December reportedly overtook the Boeing with a 52 per cent market share when it suddenly announced a late rush of orders.
President Obama in a press conference on Wednesday stated that the above bilateral trade deals will increase the export rates of the country and the 70 deals would include in addition to the $19 billion contract for 200 Boeing planes, $2 billion worth of railway, aviation and clear energy ventures between GE and its partners in China. This will aid to support the above mentioned 235,000 US jobs in the twelve states. In the meeting the President also raised concerns about the under value of the currency rates of China however President Hu remained silent on the issue. Both the Presidents had also met with US and Chinese business leaders to discuss trade and intellectual property theft issues earlier that morning. There were also other issues with regard to diplomatic ties and trade deals discussed by both the Presidents of the two nations.
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Posted by Vineet P
on Feb 20 2012. Filed under business, featured news.
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