The export-import banks of China and the United States signed agreements on Monday designed to expedite financing for transactions that will help support U.S. export jobs and promote China's sustainable development.

These agreements, which were announced under the auspices of the upcoming U.S.-China Strategic Economic Dialogue, delivered results and established a strong foundation for working together to support America's exporters and China's development, said U.S. Export-Import Bank Chairman and President James H. Lambright.

"The cooperation between our two banks embodies the essence of the Strategic Economic Dialogue," he said.

Specifically, the two institutions signed a memorandum of understanding on a form of standard Long-Term Credit Agreement that will provide financing for most U.S. export transactions to China that exceed 20 million dollars.

The first transaction to use this product is already underway. The U.S. Export-Import Bank also announced its willingness to consider financing the sale of 164 million dollars in heavy-duty railway maintenance equipment by the Harsco Corporation to the Chinese Ministry of Railways.

"We are grateful that the Export-Import Bank is willing to consider financing which would play a pivotal role in enabling us to further expand Harsco's support of the China market," said Harsco Chairman and CEO Derek C. Hathaway.

Li Ruogu, chairman and president of the Export-Import Bank of China, hailed the results.

The agreements "shall be of significance in promoting the U.S. export of innovative technology to China, creating job opportunities for the U.S. people and stepping up Sino-U.S. economic and trade ties," he said.

Source: Xinhua