USA TODAY article The U.S. has announced a $7 billion deal with China to buy the largest brands of luxury goods and fashion accessories.
The deal is the largest single international buy by China to date and follows the signing of a $1.4 billion deal in August.
China is buying brands including H&M, Zara, Gucci and Ralph Lauren.
The U.K., Germany, Japan and Australia will also receive about $700 million each, according to the U.N. Financial Action Task Force.
The sale will be worth $12.3 billion by the end of 2021, according a statement by the Department of Commerce.
The Chinese government will also contribute about $500 million for infrastructure and support.
The announcement was made Wednesday by U.C. Berkeley’s Department of Business.
The company will receive $1 million for each product it makes in China.
China has become a global leader in luxury fashion and apparel.
In 2018, it was the world’s largest luxury retailer with sales of more than $400 billion.
It also owns luxury carmaker Tesla Motors and luxury clothing brands H&M and Ralph.
The country is also a major supplier of pharmaceuticals and electronics.
China’s investment in U.F.O. manufacturing is a part of its efforts to build up the country’s military.
Last year, China ordered the countrys largest defense company to establish a manufacturing base in the Uyghur region in Xinjiang, a mountainous region of western China.
The country is pushing to diversify its economy away from oil, gas and coal, where it has the world�s largest reserves, and towards renewable energy, a major focus of President Xi Jinping.