China and US sign $3.1bn deals

Beijing - China announced yesterday that deals with US companies worth $3.1 billion (£2

Beijing - China announced yesterday that deals with US companies worth $3.1 billion (£2.21 billion) had been signed in connection with the visit to China of President Clinton, including an $800 million (£571 million) order for Boeing aircraft.

Deals worth $2 billion (£1.42 billion) were signed yesterday in a ceremony in Beijing's Great Hall of the People. Others worth $1.1 billion (£785 million) were signed in the run-up to the visit which began last Thursday.

Monday's deals included the Boeing agreement for 17 aircraft - 16 B-737s and one B-747, according to Boeing officials.

In addition, Boeing said a letter of intent was signed on 10 B-737s worth $400 million.

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Boeing president, Mr Ray Bracy, said the 17 aircraft were among a fleet of 50 that China agreed to buy during a visit to the United States last October by Chinese President Jiang Zemin. The 10 others were new orders.

Also yesterday, General Electric Co signed a $161.7 million (£115 million) deal to sell an integrated steam turbine system to China Huaneng Group, a Chinese government statement said.

Chinese state energy giant, Sinochem, agreed to import 2 million tonnes of phosphate fertiliser worth $400 million (£286 million) from US companies Phoschem, Cargill Inc and Hydro Farmland.

IBM, China Great Wall Computer Shenzhen Co Ltd and Shenzhen Kaifa Technology Co Ltd signed an deal to boost the capital in their joint venture Shenzhen Hailiang Storage Products Co Ltd by $76.85 million (£55 million).

Meanwhile, Washington has postponed the sales of Stinger missiles to Taipei to avoid angering Beijing during the Clinton visit, a news report in Taipai said yesterday.