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China, Italy ink more than 30 cooperation agreements

Published: 07 Jul 2009 20:50:27 PST

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Jul. 8, 2009 (China Knowledge) - China and Italy has signed more than 30 cooperation agreements during Chinese President Hu Jintao's visit to Italy, the Ministry of Commerce (MOC) said Tuesday.

The agreements, which cover advanced technology, equipment, electronics, telecommunications, automobiles, apparel, light industry, food, finance and tourism, will deepen bilateral economic and trade cooperation and contribute to China's industrial restructuring and technological development.

Guangzhou Automobile Group Co, one of China's state-owned auto giants, has signed an agreement with Fiat SpA to set up a US$740-million passenger-vehicle joint venture.

In the banking sector, China Development Bank (CDB) and Mediobanca SpA have signed a memorandum of understanding (MOU) to boost industrial investment between the two countries.

Hu's visit also promoted China's high-tech exports. ZTE Corp<000063><0763> and Huawei Technologies Co are in talks with Italian companies to promote sales of telecom and network equipment, the ministry said.

The MOC and Italian Economic Development Department signed three MOUs on enhancing investment, high-tech cooperation and establishing a work group on energy conservation and environmental protection.

The China Trade and Investment Promotion Delegation, comprising 300 people from more than 200 Chinese enterprises, held talks with 500 Italian enterprises to seek business opportunities. The Chinese delegation soon will visit Portugal, Finland and Sweden.

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