China, U.S. inject $20 bln trade finance to boost global commerce

5th Round of China-U.S. Strategic Economic Dialogue

Backgrounder: China-U.S. Strategic Economic Dialogue

BEIJING, Dec. 5 (Xinhua) -- China and the United States on Friday said they would inject 20 billion U.S. dollars for trade finance to buoy up the global commerce.

"The two export-import banks (in United States 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.

Paulson said this at the end of the two-day China-U.S. 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 U.S. Export-Import Bank will provide additional resources of 12 billion dollars and the Export-Import Bank of China will offer additional resources of up to 8 billion dollars to assist in the financing of the export of China and U.S. goods and services.

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