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U.S. has strong China ties
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June 30, 1997: 5:26 a.m. ET
Companies find good business opportunities in the People's Republic
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NEW YORK (CNNfn) -- Hundreds of U.S. companies are doing business in China.
Here are a few examples:
AT&T: Signed a $1.4 billion agreement in March with China and eight other international telecommunication companies to build the first fiber-optic undersea cable network between China and the United States. The company also provides long-distance services and consulting and technical help to Chinese state ministries.
Caterpillar: Established a holding company, Caterpillar China Investment Co. Ltd., with the Chinese in 1996. Caterpillar Shanghai Engine Co., a joint venture with Shanghai Diesel Engine Co., builds and sells engines. Caterpillar Xuzhou Ltd. , a venture with Xuzhou Construction Machinery Group, sells hydraulic excavators and roadbuilding machinery. The company expects sales to hit $500 million by the year 2000.
Enron: Signed an agreement with Hainan Electric Power Co. for a $150 million power project in the Hainan Province. Jointly owns the power plant on Hainan Island, which started operating in January 1996. Enron plans to transfer ownership to Hainan Electric Power in 12 years.
General Motors: Construction started in the spring on a $1.3 billion manufacturing complex in Shanghai. The plant will start producing Buicks in two years. The venture will make GM the second largest international investor in China.
Nike: Operates 13 footwear factories and 14 apparel factories with local companies in China, representing roughly $1 billion in exports.
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