China,US companies sign agricultural contracts

Added On July 16, 2017

Chinese and U.S. enterprises have signed off on agricultural contracts worth more than five billion dollars.
The move forms part of the "100-Day Action Plan", which looks to boost trade and cooperation between the two countries.
Thursday's deal was finalized at a signing ceremony in the U.S. state of Iowa, in front of nearly 100 officials and businessmen.
Under the contracts, Chinese enterprises will import over 12.5 million tons of soybean, and 371 tons of pork and beef from the U.S. companies.
It follows talks between the Chinese and U.S. Presidents in April, when the two sides agreed to carry out a "100-Day Action Plan".
Thursday's contract signing can be taken as one of the first by-products of the talks, and will help boost trade in each country.
SOUNDBITE(ENGLISH) Adam Gregg, Liuentanent Governor of Iowa
“I mean we are very excited that China is a major market for many of our agricultural products. Soybeans, I think I heard this statistics that 30% of US soybeans are exported to China. That is a very important part of our agricultural economy. More recently with the opening of China for US beef, that is a very exciting development for the state of Iowa and for our cattle farmers here.”
SOUNDBITE(CHINESE): BIAN ZHEN HU, China Chamber of Commerce of Foodstuff and Native Produce
“We have every confidence in the cooperation of Sino-US agricultural produce. Although we are already one of the largest agricultural partners of the US. US is the most important source of many of the agricultural product imports like soybeans and poultry. But with the transformation and upgrade of Chinese consumption, with the good environment created by China and US, with the hard working of our industry, I think we will find even more potential for Sino-US cooperation.”
China represents huge potential for U.S. exports.
With an urbanizing population, and a rapidly growing middle class, Chinese appetites are changing, and its citizens have more money for goods.
00:27-00:47 SOUNDBITE(ENGLISH): APIRL HEMMES, US Soybean farmer
“Today in this signing ceremony in Iowa, the Chinese buyers and US buyers basically they bought the production of the state of Iowa, which is huge cause we are No.1 in the production of soybeans in the United States. So what this means to me personally is this is a guaranteed market that China is out there.”
In 2016-17, the U.S. shipped over 33 million tons of soybean products to China.
Last year, trade between China and U.S. topped some 76 billion dollars, 211 times the amount when they first made diplomatic ties.