China And California Sign Deal To Boost Investment
BEIJING (AP) -- California and China are looking for ways to boost trade and investment, signing an agreement to set up a working group to identify areas of cooperation.
At a meeting in Beijing on Wednesday, Chinese Vice Minister of Commerce Wang Chao told Governor Jerry Brown that both sides can build on a good foundation, with a third of all Chinese exports to the U.S. ending up in or passing through California.
Brown and the California business executives he is traveling with on the seven-day mission are keen to attract more Chinese investment. Brown, however, is acknowledging there are limits to the incentives the state will make, telling American executives that keeping the state's budget in balance is a priority.