China Chamber of Commerce for Import and Export of Foodstuffs, Native Produce and Animal By-Products (CFNA), and American Soybean Association (ASA), United Soybean Board (USB) and Soybean Export Council (USSEC) co-held Sino-U.S. Soybean Trade Contract Signing Ceremony on January 20. On the ceremony, the both sides signed 10 contracts on China’s soybean purchase from US, and the total amount was expected to US$1.78 billion. Wang Chao, Vice Minister of Commerce, spoke at the ceremony.

On that day, Mr. Wang Chao headed a Chinese business delegation from Washington D.C. to Chicago. He said that yesterday’s meeting between Chinese president Hu Jintao and US president Obama was successful, and it would surely further promote a stable and healthy development for Sino-US relations and bilateral trade and economic relations. Through great efforts from the governments and business circles of both countries, he hoped to increasingly expand mutually beneficial trade and economic cooperation, actively and comprehensively strengthen Sino-US relations, and make contributions to mutually respected and mutual beneficial Sino-US partnership.

Wang Chao said that US is China’s largest source of soybean import, accounting for over 50% of the US’s total soybeans export. Sino-US soybean trade not only meets the requirements of Chinese market, but also provides great opportunities for American farmers and enterprises, bringing about lucrative profits.

Wang Chao indicated that CFNA headed enterprise delegation on a special visit to US for soybean purchase, which fully reflected China’s emphasis on increasing agricultural import from US and enhancing bilateral soybean trade, and the sincere desire for the soybean trade development of both sides. The signing ceremony will have a positive impact on the acceleration of Sino-US agricultural trades and the trade and economic relations.

Illinois governor Quinn attended the signing ceremony. Some enterprises including Shandong Bohi Industry Co., Ltd., China Grain Reserves Corporation and Dongling Grain and Oil Co., Ltd. participated in the ceremony.