Connected!: Intel, Cisco Ink Giant China Deals
$2.3 billion in tech contracts ''will help trade,'' says Commerce Secretary
WASHINGTON, DC - 01/18/04 - Two California-based telecommunications giants are among the six leading US high-tech firms that have recently signed contracts with several Chinese firms for $2.3 billion in equipment sales.
Intel, headquartered in Santa Clara, and San Jose-based Cisco Systems head the list of contract awardees that includes Ericsson, Motorola, Lucent Technologies, and Nortel Networks - headquartered in Ontario, Canada - which maintains a major facility in Santa Clara, California.
Announcement of the contracts was made in Washington by US Secretary of Commerce Don Evans, who said the deals "would go a long way to further bolster US-China trade ties."
The $2.3 billion in contracts, he said, "underscores the importance of China's high-tech market to our US companies. These agreements will help generate corporate revenue, and they will support high-tech manufacturing jobs in many American communities."
The deals were signed with China Unicom, China Telecom , China Mobile, The Founder Corporation of Beijing University, and China Lenovo Group.
The contract signing was the third in a series of deals that have been struck between US high-tech firms and Chinese partners since 2001 totaling some $4.8 billion in deals.
According to a Commerce Department spokesman, the US high-tech firms asked the Department to approach Chinese companies on their behalf.? "We did some advocacy," she said.
The Bush Administration has been calling on China to address its growing trade imbalance with the US and has urged China to adopt a flexible exchange rate.
China has responded by announcing plans to shift to a flexible exchange rate over the long term and Chinese Premier Wen Jiabao last month stating publicly that the country "is working on measures" to resolve its massive trade imbalance with the US.
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