China commits to buying U.S. goods
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A delegation of Chinese business leaders committed to buying $4.3 billion in U.S. technology, hoping to soften a political backlash to the massive trade imbalance dividing two of the world’s economic powers.
The agreements were trumpeted at a ceremony staged two weeks before the scheduled start of government talks in Washington, where leaders will try to tackle the United States’ $232-billion trade deficit with China and other prickly issues.
Gov. Arnold Schwarzenegger said 11 California companies, including Qualcomm Inc. and Hewlett-Packard Co., signed contracts worth more than $3 billion, and that more deals would be signed later this week.
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