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China, US inject $20b for trade finance

(Xinhua)
Updated: 2008-12-05 15:16

China and the United States on Friday said they would inject $20 billion for trade finance to buoy up the global commerce.

Special coverage: China-US Strategic Economic Dialogue Related readings:  Paulson gives address to end 5th China-US SED  China, US end fifth SED 'ahead of schedule'  Analysts: Sino-US economic dialogue set to continue

"The two export-import banks (in United States and China) will make available an additional $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 $12 billion and the Export-Import Bank of China will offer additional resources of up to $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.