Wu to lead US$12.5b shopping spree in US

China intends to spend US$12.5 billion on US goods to coincide with the next round of the Strategic Economic Dialogue between the two countries, the Wall Street Journal reported. A person familiar with the spending plans said US$10 billion will go toward machinery and electronics, US$2 billion on soybeans and US$500 million on cotton. Vice Premier Wu Yi will lead a large Chinese delegation to Washington for the next round of talks scheduled for May 23-24 and hosted by US Treasury Secretary Henry Paulson. The first round was held in Beijing in December. Wu went on a similar shopping spree in early 2006, announcing US$16 billion in trade deals ahead of President Hu Jintao's visit to the US last year.