Cisco executive Daniel Scheinman
smiles as he signs papers of agreement in San Francisco May 9, 2007 during
a formal signing ceremony between US and Chinese
companies. [AP] |
'Buying mission'
China kicked off its latest 'buying spree' Wednesday in San Francisco
with a commitment to buy $4.3 billion in US technology and equipment.
Hoping to ease tensions raised by the massive trade imbalance dividing two of
the world's economic powers, China has periodically come to the United States on
"buying missions" to demonstrate the country's willingness to import more goods
and services.
The deals primarily involved computer software, semiconductor and
telecommunications companies. The list of US beneficiaries included high-tech
bellwethers Microsoft Corp, Oracle Corp, Cisco Systems Inc and Hewlett Packard
Co.
California Lt. Gov. John Garamendi hailed the agreements as an "important
step in furthering the deep relationship between this state, this country and
China."
To
underscore China's resolve to explore more US investments, executives from more
than 200 Chinese companies are meeting with their US counterparts in 24 cities
scattered across 23 states, said Ma Xiuhong, vice minister of China's Ministry
of Commerce.
She met with Gov. Arnold Schwarzenegger at the state Capitol on Wednesday,
and the governor later said California had nearly doubled sales to China.
California exports to China totaled nearly $10 billion in 2006, Schwarzenegger
said.
"The marketplace is now the whole world, and that offers tremendous growth
potential for our companies, but our competition is also worldwide,"
Schwarzenegger said in a prepared statement.
Already boasting the world's largest population, China has become an
increasingly attractive market for makers of high-tech gear as the country's
rapid economic growth feeds the demand for more powerful computers and more
sophisticated mobile phones.
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