TAIPEI, Taiwan (TheStreet) -- Past meetings between Chinese and U.S. presidents have led to deals for top American companies. So where's the beef, the airplane parts, the natural gas-powered buses as President Barack Obama visits Beijing this week? Answer: At home.
Obama's attendance at the Asia-Pacific Economic Cooperation leaders summit in Beijing this week hasn't produced agreements directly benefiting U.S. companies, but it has made travel between the two countries easier, and that could provide an indirect boost to U.S. airlines and hotels.
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China and the U.S. agreed Monday to extend the validity of multiple-entry tourist and business visas to 10 years from the previous one year. Multiple-entry student visas have been extended to five years or the length of the study program. The changes takes effect Wednesday.
"The ability of people from both countries to visit each other for business purposes will greatly strengthen and deepen commercial relationships between the two countries and further facilitate investment," the American Chamber of Commerce in China said in a statement Monday.
"And longer validity for tourist visas will be a boon for the U.S. economy, creating numerous jobs, as well as encourage Americans to visit China more frequently," the statement also said.
China also agreed during Obama's visit to quit blocking an expansion of the international Information Technology Agreement. China's step back allows 200 more product categories into the agreement if the World Trade Organization approves it. That change would cut tariffs on as much as $1 trillion in goods, the American Chamber of Commerce says.