Chinese, U.S. firms ink contracts worth US$5.7 bln in Chicago

Apr. 30, 2009 (China Knowledge) - More than 50 Chinese firms on Tuesday signed about US$5.7 billon worth of trade and investment contracts with American companies in Chicago, the official Xinhua News reported.

The 28 transactions focused on such areas as electronics, telecommunications, clean energy, auto parts and machinery.

These deals are expected to help improve the trade balance between the two nations and help upgrade the technology of Chinese products and sharpen their competitive edge, said a spokeswoman of the visiting Chinese trade team, which is led by Chinese Commerce Minister Chen Deming.

Reportedly, on Monday Chinese firms signed about US$10.6 billion worth of trade and investment contracts with U.S. companies.

In 2008, the trade volume between China and the U.S. totaled US$333.74 billion, up 10.5% year on year, with growth hitting a seven-year low. China gained a trade surplus of US$170.86 billon last year.