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China Signs Pacts with Boeing, General Motors

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Reuters

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Mar 25, 1997, 3:00:00 AM3/25/97
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<I><A HREF='http://www.clari.net/'>ClariNet</A> <CLARI-ITEM TYPE>story</CLARI-ITEM> <B><CLARI-ITEM SLUGWORD>BUSINESS-CHINA</CLARI-ITEM></B> from <CLARI-ITEM FROM>Reuters</CLARI-ITEM></I><BR>
<H1><CLARI-ITEM HEADLINE>China Signs Pacts with Boeing, General Motors</CLARI-ITEM></H1>
<I><B><CLARI-ITEM COPYRIGHT>Copyright 1997 by Reuters</CLARI-ITEM></B></I> / <I><CLARI-ITEM DATE>Tue, 25 Mar 1997 3:54:02 PST</CLARI-ITEM></I><P>
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<P> BEIJING (Reuter) - Boeing Co. will sign a contract in
Beijing on Tuesday to sell China five 777-200 jets worth $685
million at a ceremony attended by Vice President Al Gore, White
House officials said.</P>
<P> Gore also planned to witness a formal agreement in which
General Motors Corp. will enter into a joint venture with
state-owned Shanghai Automotive Industry Corp. to build car
engines and transmissions in China, the officials said.</P>
<P> ``These agreements ... are proof positive that there is
greater economic cooperation between the United States and
China,'' said Ginny Terzano, Gore's press secretary.</P>
<P> She denied reports that Gore, on a trip to China aimed at
improving relations, had been uncertain whether he should
witness the Boeing contract signing -- which has been rumored
for several days.</P>
<P> ``There was never any reluctance,'' she said. She was
countering reports that Gore hesitated to attend the ceremony
because of allegations that China had tried to influence last
year's U.S. presidential election by illegally funneling cash to
support President Clinton's campaign.</P>
<P> The cost of the $1.3 billion motor project, to be built in
Shanghai, will be shared equally by the two corporations.</P>
<P> The project received an initial go-ahead in 1995 but final
approval has been subject to lengthy delays.</P>
<P> In the aviation agreement, the Civil Aviation Administration
of China will order five 777-200s for Air China, with three of
the jets to be delivered by the end of 1998 and the other two in
1999.</P>
<P> Under a third agreement to be signed on Tuesday, China will
formally allow the United States to continue to operate a
consulate in Hong Kong once 150 years of British control ends on
June 30.</P>
<P> The accords are to be signed at the Great Hall of the People
in Beijing.</P>
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