China, L.A. sign agreement to boost two-way investment

A visiting Chinese business delegation signed a Memorandum of Understanding (MOU) on two-way investment cooperation with Los Angeles city in California Monday.

The agreement was signed during a visit to Los Angeles by a Chinese business delegation led by Zhang Yingxin, deputy director of the Investment Promotion Agency under the Ministry of Commerce. Zhang and Los Angeles Mayor Antonio Villaraigosa signed the MOU at a ceremony held in the City Hall.

In a remark delivered before signing the MOU, Villaraigosa recalled his first visit to Beijing five years ago and the setting up of the first municipal tourism promotion office in the city. He also praised the mutually beneficial relationship with China and mentioned Chinese firms' investment projects in his city, which helped create jobs here.

"We are proud of the relationship with China," he said.

The two parties agreed to cooperate on facilitating investments in various areas such as transportation, logistics, film and entertainment, real estate, electric vehicles, clean technology and biotechnology.

More than 100 Chinese companies have invested in Los Angeles with a total amount topping 59 billion U.S. dollars, Qiu Shaofang, consul general of China to Los Angeles, said at the occasion.

"Los Angeles has become a favorite place for Chinese businessmen to do business," he said.

The visit is part of China's business promotion efforts during Chinese President Hu Jintao's state visit to the United States earlier in the month.

The Chinese delegation consists of over 300 entrepreneurs from more than 200 state and private companies in such sectors as energy, machinery, electronics, environmental protection, chemical engineering, pharmacy, agriculture and banking.

Source: Xinhua