Others News
- China, U.S. banks sign agreements
Date: 23-May-2007 Sources: (Shenzhen Daily)
THE export-import banks of China and the United States signed a pair of financing agreements Monday 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 The Export-Import Bank of China exemplify the kind of win-win potential of increased economic cooperation between the two countries,'Alan Holmer, the U.S. Treasury Department's special envoy for China, said.
The U.S. trade deficit with China, which was reported by U. S. media to have hit a record US$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 US$164 million worth of heavy-duty railway maintenance equipment to China.
That equipment is being 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 US$350 million in new revenues for Harsco, company officials said.
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