China's unprecedented transformation over the past decade into an economic superpower has led the country to increasingly look toward advanced industries to expand in. China views jetliners, according to the New York Times, as an industry it hopes to one day dominate - and it is doing so with the help of General Electric, an American company.
Chinese president Hu Jintao is scheduled to arrive in the U.S. this week for meetings with President Obama. During his visit he will meet with executives from G.E. to sign a supply chain agreement that is representative of the global focus many businesses are taking as they look to expand into the world's fastest-growing economy.
Per terms of the deal, G.E. will partner with a state-owned Chinese company and share its most advanced technologies in airplane electronics - in a telling example of why doing business in China is not a zero-sum game for U.S. companies. However, although it must give away company secrets to China, G.E. has a booming business in the country and sells many of its jet engines to Chinese companies that are looking to rival global powerhouses Boeing and Airbus.
Even though the supply chain deal is not without its faults, "this venture is a strategic move that we made after some thought and consideration, with a company we know," vice chairman of GE John G. Rice said. Chinese businesses, he declared, have "every probability of being successful. We can participate in that or sit on the sidelines. We're not sitting on the sidelines."
Chinese president Hu Jintao is scheduled to arrive in the U.S. this week for meetings with President Obama. During his visit he will meet with executives from G.E. to sign a supply chain agreement that is representative of the global focus many businesses are taking as they look to expand into the world's fastest-growing economy.
Per terms of the deal, G.E. will partner with a state-owned Chinese company and share its most advanced technologies in airplane electronics - in a telling example of why doing business in China is not a zero-sum game for U.S. companies. However, although it must give away company secrets to China, G.E. has a booming business in the country and sells many of its jet engines to Chinese companies that are looking to rival global powerhouses Boeing and Airbus.
Even though the supply chain deal is not without its faults, "this venture is a strategic move that we made after some thought and consideration, with a company we know," vice chairman of GE John G. Rice said. Chinese businesses, he declared, have "every probability of being successful. We can participate in that or sit on the sidelines. We're not sitting on the sidelines."
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