US, China ex-im banks sign export finance deal

 
Share this on your social network:
   Facebook Twitter Google+    Comments Mail

Washington, May 22: The export-import banks of the United States and China signed a pair of financing agreements to boost U.S.

exports to China, on the eve of high-level economic talks between the two countries.

The Bush administration, which is under pressure from Congress to show results from this week's meeting, hailed the agreements as a ''sign post'' of closer economic ties between the two countries.

''The agreements that we sign today between the United States Export-Import Bank and China's Export-Import Bank exemplify the kind of win-win potential of increased economic cooperation between the two countries,'' Alan Holmer, the US Treasury Department's special envoy for China, said yesterday.

A US team led by Treasury Secretary Henry Paulson is hosting Chinese Vice Premier Wu Yi and senior Chinese officials for talks this weeks on economic issues.

The huge U.S. trade deficit with China, which hit a record 3 billion last year, is a sore point for many members of Congress. The Bush administration argues the best way to reduce the deficit is by boosting exports, rather than imposing measures to restrict imports.

The first exports financed under the new long-term loan-guarantee programs are expected to be 4 million worth of heavy-duty railway maintenance equipment to China.

That equipment is being by sold by the Harsco Corp. of Camp Hill, Pennsylvania, to China's Ministry of Railways as part of a larger order that represents more than 0 million in new revenues for Harsco, company officials said.

The two ex-im banks also signed an agreement indicating their intent to speed up financing support for sales of US medical equipment to hospitals in China. That stems from an agreement on short-term financing signed at the last US-China ''strategic economic dialogue'' in China in December.

The U.S. Ex-Im Bank already has an ''outstanding exposure of Washington, May 22: The export-import banks of the United States and China signed a pair of financing agreements to boost U.S.

exports to China, on the eve of high-level economic talks between the two countries.

The Bush administration, which is under pressure from Congress to show results from this week's meeting, hailed the agreements as a ''sign post'' of closer economic ties between the two countries.

''The agreements that we sign today between the United States Export-Import Bank and China's Export-Import Bank exemplify the kind of win-win potential of increased economic cooperation between the two countries,'' Alan Holmer, the US Treasury Department's special envoy for China, said yesterday.

A US team led by Treasury Secretary Henry Paulson is hosting Chinese Vice Premier Wu Yi and senior Chinese officials for talks this weeks on economic issues.

The huge U.S. trade deficit with China, which hit a record $233 billion last year, is a sore point for many members of Congress. The Bush administration argues the best way to reduce the deficit is by boosting exports, rather than imposing measures to restrict imports.

The first exports financed under the new long-term loan-guarantee programs are expected to be $164 million worth of heavy-duty railway maintenance equipment to China.

That equipment is being by sold by the Harsco Corp. of Camp Hill, Pennsylvania, to China's Ministry of Railways as part of a larger order that represents more than $350 million in new revenues for Harsco, company officials said.

The two ex-im banks also signed an agreement indicating their intent to speed up financing support for sales of US medical equipment to hospitals in China. That stems from an agreement on short-term financing signed at the last US-China ''strategic economic dialogue'' in China in December.

The U.S. Ex-Im Bank already has an ''outstanding exposure of $2.5 billion'' in the China market, U.S. Ex-Im Bank President James Lambright told reporters after the signing.

But the new long-term and short-term financing agreements create a template that will allow U.S. exporters to get quicker financing approval, Lambright said.

''We've heard from exporters that we could play a useful role in facilitating exports by making it easier to navigate the financing process,'' Lambright said.

China Ex-Im Bank President Li Ruogu said the new agreements would enhance US jobs by boosting exports to China.

Reuters.5 billion'' in the China market, U.S. Ex-Im Bank President James Lambright told reporters after the signing.

But the new long-term and short-term financing agreements create a template that will allow U.S. exporters to get quicker financing approval, Lambright said.

''We've heard from exporters that we could play a useful role in facilitating exports by making it easier to navigate the financing process,'' Lambright said.

China Ex-Im Bank President Li Ruogu said the new agreements would enhance US jobs by boosting exports to China.

Reuters>

Write a Comment

Videos

Nigerian court strikes out charges against Abuja bomb suspect

Nigerian court strikes out charges against Abuja bomb suspect