China, US inject 20 bln USD trade finance to boost global commerce
5/12/2008 16:17
China and the United States today said they would inject US$20 billion for
trade finance to buoy up the global commerce.
"The two export-import banks
(in United States and China) will make available an additional US$20 billion for
trade finance, particularly for creditworthy importers in developing countries,"
US Treasury chief Henry Paulson told the press.
Paulson said this at the end
of the two-day China-US Strategic Economic Dialogue(SED) in Beijing.
The move
came at a time when the current financial turmoil impaired access to trade
finance to help emerging market businesses and consumer purchase
imports.
According to a SED fact sheet, the US Export-Import Bank will
provide additional resources of US$12 billion and the Export-Import Bank of
China will offer additional resources of up to US$8 billion to assist in the
financing of the export of China and US goods and services.
The twice-yearly
SED, initiated by the two presidents, is currently the highest-level economic
dialogue between the two nations.
Xinhua
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