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|Tuesday, January 16, 2001, updated at 08:03(GMT+8)|
American Commercial Delegation Visits SichuanThe American company, ICES (International Commercial Exchange System), signed an agreement Monday with the Chengdu Technological Properties Exchange to entrust the latter with purchasing US$400 million worth of stockpiled commodities from western China.
It is one of seven cooperation agreements signed Monday by local companies in China's Sichuan Province and an American commercial delegation which is paying a three-day visit to this southwestern China province.
The seven-member American commercial delegation is led by Lester L. Wolff, former speaker of the US House of Representatives and now president of the International Investment Advisory Panel of Pacific Development Group.
Members of the delegation include Henry Kauftheil, president and CEO of ICES, J. Morton Davis, president of Wall Street Investment Bank Group, and Percy Tsao, chairman of Pacific Development Group.
Wang Yongchun, an official with Chengdu Technological Properties Exchange, said that under the agreement, ICES will purchase stockpiled commodities mainly in Sichuan.
Relevant US companies are expected to procure one billion US dollars worth of stockpiled commodities from western China this year, Wand said, adding the U.S. companies will take advantage of their market network to sell these China-made commodities to different parts of the world.
Other cooperation agreements signed Monday involve establishing a venture capital management institution in Sichuan, jointly investing in high-tech industries in western China, training qualified capital market personnel for western China, and developing green-food industries in areas inhabited by Tibetans in Sichuan.
At Monday's signing ceremony, the Sichuan Provincial Academy of Social Sciences also presented letters inviting Lester L. Wolff, Henry Kauftheil, J. Morton Davis and Percy Tsao as visiting professors.
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