China has signed a memorandum as part of a series of agreements reached during French President Francois Hollande’s two-day visit to China.

China has agreed to buy 60 planes from European firm Airbus. A number of the planes are to be assembled in Beijing’s neighboring city of Tianjin. Chinese and French nuclear power companies have also announced they will strengthen cooperation in the field of nuclear power research. Food, health care and urban development are also top of the cooperation agenda. Observers say the two sides plan to discuss a bilateral currency exchange agreement. Hollande has announced he’s clearing obstacles to the entry of Chinese companies to the French market. Many see this as a way for France to ease its huge trade deficit with China. France accounts for just 1.3 percent of China’s foreign trade. France’s trade deficit with China stood at 26 billion euros last year.

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