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China-U.S. bid to boost global commerce

BEIJING: China and the U.S. on Friday said they would inject $20 billion to buoy up the global commerce.

“The two export-import banks [in U.S. and China] will make available an additional 20 billion U.S. dollars for trade finance, particularly for creditworthy importers in developing countries,” U.S. Treasury chief Henry Paulson told the press.

Mr. Paulson was speaking at the end of the two-day China-U.S. Strategic Economic Dialogue (SED) in Beijing.

The move came at a time when the financial turmoil affected access to trade finance for emerging market businesses and consumer purchase imports.

According to a SED fact sheet, the U.S. Export-Import Bank will provide additional resources of $12 billion and the Export-Import Bank of China up to $8 billion to assist the financing of the export of China and U.S. goods and services.

The twice-yearly SED, initiated by the Presidents, is currently the highest-level economic dialogue between the two nations.

The two nations also agreed to strengthen their capability of coping with emergencies on food security and product safety.

According to the agreement, the two countries will evaluate the realisation of the existing contracts and brief each other on projects’ progress.

The U.S. Consumer Product safety Commission will take into consideration China’s opinion on implementation of the U.S. Consumer Product Safety Improvement Act of 2008. The two nations reaffirmed a wish to realise an agreement on food and feed staff, as well as a memorandum of understanding on food security information exchange.

They also agreed to participate in activities of world organisations for animal health, International Plant Protection Convention and Codex Alimentarius Commission among others.

The two nations set up a Chinese herbal medicine cooperation committee or working group. — Xinhua

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