Xi Jinping, Donald Trump oversee signing of US$253 billion in trade deals
Long list of agreements ranges from shale gas to car parts and includes China Petroleum and Chemical’s US$43 billion Alaskan natural gas exploration contract
PUBLISHED : Thursday, 09 November, 2017, 9:35am
UPDATED : Thursday, 09 November, 2017, 5:02pm
Related topics
Chinese President Xi Jinping and his US counterpart Donald Trump witnessed the signing of deals worth US$253 billion on Thursday, making the US head of state’s visit to China one of the most fruitful for Chinese and US businesses in terms of the value of agreements struck.
It also showed Beijing’s efforts to narrow its trade surplus with the United States and soothe Trump’s complaints about the two nations’ unbalanced trading relationship.
“The US really has to change its policy because we have gotten so far behind in trade with China and frankly with other countries,” Trump said in opening remarks broadcast live by state-run media. “We’ll make it fair.”
Among a long list of agreements ranging from shale gas to car parts, China Petroleum and Chemical Corp, the state energy group, signed a US$43 billion deal to jointly explore for natural gas with the US in Alaska. China’s sovereign wealth fund, China Investment Corp, will offer financial support. Bank of China, a Chinese state-owned bank, will help with finance, too.
Trump visit to China gets going with US$9bn in trade deals as Beijing hints there is more to come
Another state energy giant, China National Petroleum Corp, signed an initial agreement with Cheniere Energy over a “long-term supply contract” of liquefied natural gas.
Chinese phone makers Xiaomi, OPPO and Vivo will sign deals to buy products from US telecom mobile chip maker Qualcomm. US tech firm Broadcom made a US$105 billion takeover bid for Qualcomm earlier this month.
China’s Silk Road Fund, a unit under the People’s Bank of China to promote the Belt and Road international trade initiative, will set up a joint fund with the US.
China Investment Corp is to set up a joint fund with Goldman Sachs.
Other deals include Chinese purchases of planes from Boeing and imports of Tesla cars into China.
Trump gets red-carpet welcome in Beijing but tough tests ahead on trade and North Korea
China’s customs administration released figures on Tuesday showing a trade surplus of US$26.6 billion with the US in October alone.
Most Popular
Viewed
- 1
![Demand for yuan notes is declining, but the printers are increasingly busy with orders for foreign currency. Photo: Bloomberg]( "Demand for yuan notes is declining, but the printers are increasingly busy with orders for foreign currency. Photo: Bloomberg")
- 2
![Chinese agriculture firms could take advantage of Russia’s offer of 1 million hectares of farmland to grow much-needed soybeans. Photo: Reuters]( "Chinese agriculture firms could take advantage of Russia’s offer of 1 million hectares of farmland to grow much-needed soybeans. Photo: Reuters")
- 3
![“The Story of Yanxi Palace” is an imperial romance drama produced by iQiyi in China. Photo: Handout]( "“The Story of Yanxi Palace” is an imperial romance drama produced by iQiyi in China. Photo: Handout")
- 4
![Beijing and Hong Kong governments condemn him and FCC for providing a platform to voice ‘unacceptable’ view that independence is only solution]( "Beijing and Hong Kong governments condemn him and FCC for providing a platform to voice ‘unacceptable’ view that independence is only solution")
- 5
![Guo Wengui fled to the United States in 2015. Photo: Reuters]( "Guo Wengui fled to the United States in 2015. Photo: Reuters")
Shared
- 1
![“The Story of Yanxi Palace” is an imperial romance drama produced by iQiyi in China. Photo: Handout]( "“The Story of Yanxi Palace” is an imperial romance drama produced by iQiyi in China. Photo: Handout")
- 2
![Demand for yuan notes is declining, but the printers are increasingly busy with orders for foreign currency. Photo: Bloomberg]( "Demand for yuan notes is declining, but the printers are increasingly busy with orders for foreign currency. Photo: Bloomberg")
- 3
![Chinese agriculture firms could take advantage of Russia’s offer of 1 million hectares of farmland to grow much-needed soybeans. Photo: Reuters]( "Chinese agriculture firms could take advantage of Russia’s offer of 1 million hectares of farmland to grow much-needed soybeans. Photo: Reuters")
- 4
![Foreign ministry calls for ‘objective perspective’ from Washington after it says strategic competition with China is a ‘principal priority’]( "Foreign ministry calls for ‘objective perspective’ from Washington after it says strategic competition with China is a ‘principal priority’")
- 5
![Beijing and Hong Kong governments condemn him and FCC for providing a platform to voice ‘unacceptable’ view that independence is only solution]( "Beijing and Hong Kong governments condemn him and FCC for providing a platform to voice ‘unacceptable’ view that independence is only solution")
Commented
- 1
![Beijing and Hong Kong governments condemn him and FCC for providing a platform to voice ‘unacceptable’ view that independence is only solution]( "Beijing and Hong Kong governments condemn him and FCC for providing a platform to voice ‘unacceptable’ view that independence is only solution")
- 2
![Foreign ministry calls for ‘objective perspective’ from Washington after it says strategic competition with China is a ‘principal priority’]( "Foreign ministry calls for ‘objective perspective’ from Washington after it says strategic competition with China is a ‘principal priority’")
- 3
![An analyst has warned that increased censorship by Beijing would affect Hong Kong’s future liveability rankings as companies leave. Photo: EPA]( "An analyst has warned that increased censorship by Beijing would affect Hong Kong’s future liveability rankings as companies leave. Photo: EPA")
- 4
![Amid heavy police presence, protesters set up camp outside premises as Andy Chan Ho-tin vowed not to bow to pressure and amend his script]( "Amid heavy police presence, protesters set up camp outside premises as Andy Chan Ho-tin vowed not to bow to pressure and amend his script")
- 5
![Negotiations completed on fees for travel to mainland cities beyond 18 high-speed rail link destinations, ahead of scheduled opening next month]( "Negotiations completed on fees for travel to mainland cities beyond 18 high-speed rail link destinations, ahead of scheduled opening next month")
You may also like
Highs and lows of out-of-this-world, deep-sea music performances
In partnership with: Leisure and Cultural Services Department
Frankfurt property boom not dependent on Brexit
Brought to you by JLL
Comments: