China signs investment MOU with WA State

This is an early step in the PRC government's policy of promoting outbound investment. Like most policy decisions taken by the PRCG, this is likely to have a big effect on China and the world.



From 5/12/2007 Seattle Times:

More than 50 government and business leaders from China visited Seattle on Friday, part of a multibillion-dollar buying-and-investment mission paving the way for a major meeting between the U.S. and China later this month.



Earlier Friday, Gov. Christine Gregoire met the group in Olympia during the signing of a memorandum of understanding to enhance cooperation between Washington and China.



State officials believe it is the first bilateral agreement between a state and the Chinese government.



Officials from China's Ministry of Commerce signed an agreement with the state's Community, Trade and Economic Development office to promote two-way investment.



Wang Chao, assistant minister of the Ministry of Commerce, said he hoped the agreement would help usher in deals aimed at expanding imports from the U.S. and Chinese investment to the U.S.



China has become the largest export market for Washington state, with exports totaling $7 billion last year, he said.



Wang said Chinese companies such as shipping giant Cosco, China National Petroleum Co. (CNPC), Haier and Huawei have all invested in the U.S.