January 14, 2011 / 10:01 PM / 8 years ago

UPDATE 4-Many business deals seen during U.S.-China summit

* Deal signings expected in Washington and Chicago

* U.S. business also wants progress on long-term concerns

* Group eyes Chinese action on beef, software (Adds reaction, details of U.S.-China business meeting)

By Doug Palmer

WASHINGTON, Jan 14 (Reuters) - Chinese President Hu Jintao will bring new business deals and possible commitments to buy U.S. beef and software when he visits Washington next week, a U.S. business group said on Friday.

“He will come with gifts,” Myron Brilliant, senior vice president at the U.S. Chamber of Commerce, told reporters ahead of the formal state visit. “There are many companies that will be signing contracts.”

China has a pattern of tying business deals to high-level visits to try to generate political goodwill.

Brilliant declined to comment on the commercial value of contracts to be signed next week but said the ceremony would take place at the White House.

Other industry officials also hesitated to estimate the dollar value of the contracts.

“It’s very fluid. I don’t think even the Chinese know,” one industry aide said.


Take a Look on Hu’s visit [ID:nL3E7CA05U]

PDF on the summit link.reuters.com/buz46r


Hu and U.S. President Barack Obama are expected to drop by a meeting between 15 American and five Chinese chief executives at the White House on Wednesday.

The U.S. side is likely to include senior officials from Coca-Cola (KO.N), General Electric (GE.N), Microsoft (MSFT.O), Boeing (BA.N) and Dow Chemical DOW.N.

Another set of U.S.-China business deals are expected to be signed later in the week in Chicago, which Hu will visit on the second leg of his visit.


Brilliant said the U.S. business community appreciates such gestures but also wants Hu and Obama to lay out a clear vision of how the world’s two largest economies will manage commercial ties in coming decades.

“We are obviously concerned about the impact of China’s state-led development and the use of industrial and regulatory policies that hinder opportunities for our companies and impose greater threats in terms of future opportunities,” he said.

In a sign of the important role economic issues will play in next week’s visit, Hu’s one public speech will be at a lunch on Thursday co-hosted by the U.S.-China Business Council.

Last month, Chinese officials pledged during high-level talks in Washington to address U.S. trade concerns in areas ranging from import restrictions on U.S. beef to promoting the increased use of legal software by Chinese government agencies and state-owned enterprises.

“I am hopeful President Hu Jintao’s visit will cement these commitments,” Brilliant said, noting several U.S. officials have been in China over the past 10 days for follow-up talks.

The U.S. Chamber of Commerce also wants to hear a clear statement that China is determined to shift from an export-led growth strategy to one that relies more on increasing domestic consumption, he said.

“We also have to listen to the Chinese when it comes to wanting to invest in our country. We should encourage that. It creates jobs in our market,” Brilliant said.

At the same time, he said, “it’s fair for us to press the Chinese to adopt the right kind of policies that will keep their market open to our goods and services.” (Reporting by Doug Palmer; Editing by John O’Callaghan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below