8 December 2008

US, China in trade co-op

This article is excerpted from the 5 December 2008 edition of “The Journal of Commerce”.

China and the United States … pledged to deepen their economic ties and expand cooperative efforts to counter the global credit crisis.

The agreement came as the two-day meeting of the Strategic Economic Dialogue ended in Beijing….

The countries agreed to supply additional trade finance from their import-export banks of both countries. Outgoing U.S. Treasury Secretary Henry Paulson said that the money would be available to “creditworthy importers in developing economies” to finance exports from the U.S. and China and to benefit the global economy…

Washington also agreed to speed up approvals for Chinese financial institutions investing in the U.S., while Beijing announced it would expand access to its bond market and ease borrowing limits for foreign banks…