French heavy engineering firm Alstom signed contracts worth up to US$1.3 billion for the delivery of trains to China, part of a raft of business deals signed during French President Jaques Chirac's state visit to China. The company also signed a letter of intent to sell nearly US$447 million worth of hydroelectric turbines and pumping equipment to power authorities in Hubei, Henan and Guangdong. The signing also saw Alstom officials pledge further investment in China, despite a recent financial crisis that required a US$2.7 billion bailout backed by the French government.
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