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Key projects highlighted ahead of US visit
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CHINA rolled out a series of key economic partnership projects with the United States ahead of President Xi Jinping’s state visit to the US next week, underscoring increasingly deeper Sino-US economic ties.
The first US high-speed railway project with Chinese investment is expected to kick off as early as September 2016, a senior Chinese official told a press conference yesterday.
A 370-kilometer high-speed railway project will connect Las Vegas, Nevada and Los Angeles, California.
Last week, Xpress West agreed to form a joint venture with China Railway International USA to build and operate the line, according to Shu Guozeng, deputy head of the Office of the Central Leading Group for Financial and Economic Affairs.
A cooperation fund invested by Chinese and US companies including China State Construction and DOW Chemical to promote energy efficient buildings in China during ongoing urbanization was also launched yesterday. The fund is expected to promote industrial productivity, encourage cross-border innovation, and create green jobs.
“Our intent is to develop an innovative financing model that helps bridge the often higher upfront costs for sustainable technologies balanced against the long term savings resulting from increased energy efficiencies,” said Deborah Lehr, a senior fellow of the Paulson Institute, which leads the initiative.
“This initiative will promote the deployment of green US technologies in China and create a platform for US and Chinese companies to work together to tackle one of the world’s greatest challenges, climate change.”
On Wednesday, the China National Machinery Industry Corp (Sinomach), the country’s leading contractor for international projects, and GE signed a memorandum of understanding to develop clean power projects in Africa.
The two firms will jointly finance, raise investment for and develop these projects, including a pilot wind power project planned in Kenya, with the goal of helping double the number of sub-Sahara Africans with access to electricity.
Sino-US economic ties are highly complementary and key partnership projects will put overall relations on a more solid footing, Shu told reporters.
Bilateral trade volume grew from almost zero in 1979 to US$555.1 billion in 2014 and investment between the two countries rose over US$120 billion, with Chinese companies investing in 45 US states.
More landmark agreements are expected to be signed on energy, culture, climate change, finance, technology, agriculture and other fields during President Xi’s US visit, Shu said.
The Paulson Institute said it would co-host a meeting with the China Council for the Promotion of International Trade during Xi’s visit.
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