China’s Commerce Ministry said Monday it was announcing a “major industrial partnership” with U.N. agencies in order to modernize its factory production and production equipment.
China is expected to spend $1.5 billion to modernise its existing factories and equipment to boost its productivity, according to a draft of the plan, published by the official Xinhua news agency.
A total of 1,700 U.K.-based companies are to be included in the deal, including Chinese conglomerate Wanda Group, and will be required to improve their production processes to meet China’s requirements, the plan said.
The joint venture will be overseen by China’s central government and the U.A.E. trade ministry.
The U.Q.E.-based U.C.I.O., which is an independent trade body, said it welcomed the initiative and welcomed the cooperation between China and the United States.
U.S. Secretary of State Mike Pompeo and China’s Foreign Ministry Director of Strategic Communications Zhang Gaoli made a joint appearance Monday, where they reaffirmed the U,S.
commitment to a two-state solution to the Israeli-Palestinian conflict and to promoting economic and social development in the region.
The Chinese-led initiative follows a series of rounds of talks with U,N.
secretary-general Antonio Guterres and his U.H. chief Christiana Figueres.
China has been a leading supplier of U.F.O. to the U in recent years, which have helped boost global trade.
The plan says the U will be able to purchase U.W. equipment for U.B.I.-sponsored projects, including industrial plants and production facilities.