Airbus, Total Sign China Contracts During Xi’s Paris VisitGregory Viscusi and Helene Fouquet
Airbus Group NV, PSA Peugeot-Citroen and Total SA were among companies to sign deals worth a total of 18 billion euros ($25 billion) with Chinese businesses during a three-day visit to France by President Xi Jinping.
The agreements were signed today at a ceremony at the Elysee palace in Paris, with several top executives among the Chinese delegation. In all, 21 accords and contracts were signed, according to a statement from the French president’s office that didn’t give details of the value of each deal.
“On a bilateral level we have an excellent relationship, even if -- on our side -- we have the duty to rebalance trade between our two countries,” Hollande told his Chinese counterpart. “The 18 billion euros’ worth of contracts comes at a moment when the French economy is restarting and at a moment when we’re fighting unemployment.”
Peugeot formalized a deal with Wuhan-based Dongfeng Motor Corp. that was reached in February. Under the accord, Dongfeng and the French state will each contribute about half the funds for a planned 3 billion-euro capital increase in exchange for a stake of 14 percent each. Hollande called the pact “major and symbolic.”
Airbus Helicopter and China’s Avic are extending their partnership to produce EC175 helicopters. The agreement may include 1,000 aircraft over the next 20 years, Airbus said.
Toulouse-based Airbus and CASCG signed a contract to sell 70 A320 and A330 aircraft, and to extend a production contract at a Chinese plant. During Hollande’s visit to China in April, Beijing announced the purchase of 60 Airbus planes.
Areva SA, the world’s largest nuclear reactor builder, and CNNC signed an accord for recycling nuclear fuel to cement an earlier agreement between the two companies.
Total SA and CNOOC signed a contract on liquefied natural gas delivery, including developing future infrastructure for imports and distribution and potentially doubling the amount Total supplies to China.
The visit by Chinese president and his wife Peng Liyuan includes a state dinner tonight at the Elysee and a concert at the Chateau de Versailles.