GE Aviation, a leading U.S. manufacturer of jet aircraft engines, signed a $550 million deal with China's Shanghai Airlines for sales of aircraft engines and a service agreement.

The other contracts signed Wednesday included the purchase of Chinese home improvement merchandise store The Home Way by U.S. retailer The Home Depot Inc.

"As a leader in the global economy, China needs to do more to open its markets, protect intellectual property and implement economic reforms," U.S. Commerce Secretary Carlos Gutierrez  said in a statement.