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China buys U.S. technology to fix trade imbalance

Posted: 11 May 2007     Print Version  Bookmark and Share

Keywords:Chinese semiconductor companies  US-China trade  computer softwares 

A delegation of Chinese business leaders signed 27 contracts to buy Rs.18,176.01 crore ($4.3 billion) in U.S. technology with a hope to fix massive trade imbalance and further the relationship between the two countries, according to an AP report.

California Lt Gov. John Garamendi regarded the 27 contracts signed on May 9 as an important step in furthering the relationship between the two countries. However, the event evoked scepticism about the China's sincerity to narrow the trade gap it placed upon the United States for years.

Peter Morici, former chief economist for the U.S. International Trade Commission, saw the act as just part of political smoke screen, believing that China was not going to change its ways.

On the other hand, Ma Xiuhong, vice minister of China's Ministry of Commerce, said that executives from more than 200 China companies are meeting with their U.S. counterparts to underscore the country's resolution to explore more U.S. investments. In its first stop, the China companies sealed deals with computer software, semiconductor and telecommunications companies, including Microsoft, Oracle, Cisco Systems and Hewlett-Packard.




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