China to purchase $45B in U.S. exports

WASHINGTON (AP) — China will purchase $45 billion in U.S. exports, including a $19 billion deal for 200 Boeing airplanes, the White House said today.

The announcement comes as Chinese President Hu Jintao arrived at the White House for a state visit with President Barack Obama.

In addition to the Boeing deal, China also will invest in U.S. exports from agriculture, telecommunications and technology companies, including General Electric, Honeywell and Navistar. The White House said the deals will support up to 235,000 jobs in the U.S.

Executives from Boeing and General Electric are among the business leaders who will meet with Obama and Hu at the White House.

The announcement of Chinese investments could soothe some concerns from the U.S. government and corporate America, both of which have charged that China keeps its currency artificially low in order to make Chinese products cheaper in the U.S. and U.S. products costlier in China.