China to purchase $45 billion in U.S. exports

Image: Barack Obama, Hu Jintao
President Barack Obama welcomes China's President Hu Jintao during a state arrival on the South Lawn of the White House in Washington.Charles Dharapak / AP
/ Source: The Associated Press

China will purchase $45 billion in U.S. exports, including a $19 billion deal for 200 Boeing airplanes, the White House said Wednesday.

The announcement comes as Chinese President Hu Jintao arrived at the White House for a state visit with President Barack Obama.

In addition to the Boeing deal, China will also invest in U.S. exports from agriculture, telecommunications and technology companies, including General Electric, Honeywell and Navistar. The White House said the deals will support up to 235,000 jobs in the U.S.

Executives from Boeing and General Electric are among the business leaders who will meet with Obama and Hu at the White House.

The announcement of Chinese investments could soothe some concerns from the U.S. government and corporate America, both of which have charged that China keeps its currency artificially low in order to make Chinese products cheaper in the U.S. and U.S. products costlier in China.

U.S. companies have also bristled at China's "indigenous innovation" policy, which limits Beijing's purchase of foreign products to those designed in China. The White House said Wednesday that China took steps to ease that policy, agreeing that it would not make government procurement decisions based on where the intellectual property rights for goods or services are developed or maintained.

The White House said China also agreed that it would not discriminate against innovative products made by foreign suppliers operating in China.

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