US's President Donald Trump and China's President XI Jinping in their last meeting - Photo by The State Council The People's Republic of China

JAKARTA (TheInsiderStories) – Chinese President Xi Jinping and his U.S counterpart President Donald Trump witnessed the signing of deals worth US$253 billion, making the US head of state’s visit to China one of the most fruitful for Chinese and US businesses in terms of the value of agreements struck.

“The U.S really has to change its policy because we have gotten so far behind in trade with China and frankly with other countries,” Trump said in opening remarks broadcast live by state-run media. “We’ll make it fair,” he was quoted as saying by China Daily News reported.

Among a long list of agreements ranging from shale gas to car parts, China Petroleum and Chemical Corp, the state energy group, signed a US$43 billion deal to jointly explore for natural gas with the US in Alaska.

China’s sovereign wealth fund, China Investment Corp, will offer financial support. Bank of China, a Chinese state-owned bank, will help with finance, too.

It also showed Beijing’s efforts to narrow its trade surplus with the United States and soothe Trump’s complaints about the two nations’ unbalanced trading relationship.

Another state energy giant, China National Petroleum Corp, signed an initial agreement with Cheniere Energy over a “long-term supply contract” of liquefied natural gas.

Chinese phone makers Xiaomi, OPPO and Vivo will sign deals to buy products from US telecom mobile chip maker Qualcomm. US tech firm Broadcom Ltd. made a $105 billion takeover bid for Qualcomm earlier this month.

China’s Silk Road Fund, a unit under the People’s Bank of China to promote the Belt and Road international trade initiative, will set up a joint fund with the US. China Investment is to set up a joint fund with Goldman Sachs.

Other deals include Chinese purchases of planes from Boeing. China’s customs administration released figures on Tuesday showing a trade surplus of $26.6 billion with the U.S in October alone.and imports of Tesla cars into China.

Trump has railed against China’s massive trade surplus with the U.S., and bilateral trade is set to feature prominently in discussions. China’s trade surplus with the U.S. in September was the highest ever for any single month, even as its overall surplus narrowed. However, China’s trade surplus with the U.S fell to $26.62 billion in October, down from $28.08 billion in September.

Trump wants to narrow China’s trade surplus with the United States, which stood at $347 billion in 2016, but he has yet to reveal as to what he might propose to the Chinese this week.

The U.S government has raised duties on selected Chinese goods, including stainless steel and plywood, to offset what it says are improper subsidies, and is investigating whether Beijing strong-arms foreign companies to hand over proprietary technology.

Chinese officials have rejected U.S. accusations that China engages in predatory policies at the expense of its neighbors.

By Elisa Valenta, email: elisa.valenta@theinsiderstories.com