NEW YORK CITY: US industrial giant General Electric will sell its appliances business to China’s Haier Group for $5.4 billion, it said over the weekend, in one of the largest Chinese acquisitions of an American firm yet.

The transaction epitomizes the changing nature of the global economy, with a 100-year-old US company selling what was once one of its core units to a Chinese upstart that emerged from a refrigerator factory that was nearly bankrupt 30 years ago.

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