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GE inks big deals during Trump visit

By Jing Shuiyu | chinadaily.com.cn | Updated: 2017-11-09 15:02

GE inks big deals during Trump visit

John Rice, vice-chairman of General Electric Co. [Photo provided to chinadaily.com.cn]

General Electric Co, the US-based leading digital industrial company, signed three commercial deals worth $3.5 billion with Chinese firms during US President Donald Trump's first official visit to China.

The agreements, two in the aviation sector and one in power generation, underscored the strength of commercial partnerships between the world's two largest economies.

John Rice, the vice-chairman of GE, who is part of Trump's business delegation to China, said the deals constitute an important step forward for GE in China, already its largest single-country market outside the US.

"They further cement our partnerships with important Chinese aviation and energy customers, while supporting jobs and growth in both the US and China. We want to thank both Presidents Trump and Xi for their support and leadership," he said.

Key highlights of the signed deals included:

Juneyao Airlines, a subsidiary of Juneyao Group, reached an agreement with GE for the order of GEnx-1B engines to power its 10 Boeing 787-9 aircraft. The engine order is valued at $1.4 billion at list price. The aircraft will be delivered starting in 2018.

ICBC Leasing, a wholly-owned subsidiary of ICBC Group, the largest commercial bank in the world, today reached an agreement with CFM International for the order of 80 LEAP-1B engines to power 40 Boeing 737 MAX aircraft. The engine order is valued at nearly $1.1 billion at list price. ICBC Leasing is scheduled to begin taking delivery in 2018.

GE and China Datang Group signed a framework agreement for energy partnership, setting the stage for future joint projects and commercial deals. Under the agreement, GE will supply CDT with gas turbines, gas turbine components and steam turbine components as well as services and IIoT solutions for Chinese domestic projects. The proposed projects are valued at approximately $1 billion in total, aligning with China's initiative to transition towards cleaner, more efficient and better-optimized power generation and consumption.

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