Chinese, US companies sign business deals worth over $250 billion

Beijing, Nov 9 (IANS) Chinese and US companies on Thursday signed deals worth more than $250 billion during President Donald Trump's three-day state visit to China.

Chinese President Xi Jinping revealed the figure after he and Trump witnessed the signing of the agreements at the Great Hall of the People, reports Xinhua news agency.

China and the US have huge potential in reciprocal economic and trade cooperation, Xi said.

The deals include purchases of Boeing aircraft, Ford automobiles, US soybeans and joint development of liquified natural gas in Alaska.

Being the world's biggest developing economy and developed economy, China and the US are highly complementary rather than competitive, Xi said when meeting business delegates from both countries.

"We are willing to expand imports of energy and farm produce from the United States, deepen service trade cooperation. We hope the US side will increase exports of civil technology products to China. We will continue to encourage Chinese companies to invest in the US.

"We also welcome US companies and financial institutions to participate in the 'Belt and Road Initiative'."

Given the rapid growth of bilateral trade, it's unavoidable to have friction, said Xi.

The two sides should uphold the principles of equality and mutual benefit, mutual understanding and accommodation, and handle disputes through dialogue and consultation, he added.