The agreement, signed on the sidelines of Trump’s visit to Beijing, covers a whole range of industries which can have or can develop business connections with China.

On Thursday, The U.S. State Department released a statement saying Goldman Sachs and the China Investment Corp (CIC) have signed a strategic agreement to establish a U.S.-China industrial cooperation fund on the sidelines of U.S. President Donald Trump visit to Beijing.

Goldman and CIC fund aims at investing $5 billion in U.S. companies across industry sectors ranging from manufacturing, healthcare, industrial and consumer products that can potential have or can develop Chinese business connections, said the U.S. State Department in a report.

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Tags: agreement, Asia tour, China Investment Corp, CIC, Donald Trump, Goldman Sachs, industrial collaboration, relations, U.S. China, U.S. State Department