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SED agrees $20b finance package
By Wang Xu (China Daily)
Updated: 2008-12-06 08:38
"The new sources of financing are expected to send an important signal to emerging markets that both nations are committed to sustaining trade flows," US Treasury Secretary Henry Paulson said at the end of the two-day Strategic Economic Dialogue (SED). The two sides agreed that the Export-Import Bank of China will contribute $8 billion and the US Export-Import Bank $12 billion to help finance exports to the markets. The countries also agreed to provide more open access to each other's markets, as part of their efforts to deepen bilateral economic ties. China has agreed to allow foreign incorporated banks to trade bonds in its inter-bank market, and said it will also allow foreign banks operating on the mainland to borrow capital from their affiliates overseas on a temporary basis to boost liquidity and confidence in the lenders. The loans will not count toward foreign banks' short-term debt quotas. Meanwhile, the US agreed to speed up approvals for Chinese financial institutions investing there, which may help inject fresh capital into its financial market. [Full Text] Related Readings: High-level dialogue vital to ties
Top officials from both sides of the Strategic Economic Dialogue (SED) expressed hope that the incoming Obama administration would continue the highest-level economic dialogue between China and the United States, as the semiannual mechanism ended its fifth two-day session on Friday. Paulson signs out with hugs, laughs
Images of him hugging former vice-premier Wu Yi and fervently shaking hands with her successor Wang Qishan were just two among many that made the front pages of the nation's press. On Friday, the 62-year-old Treasury secretary gave photographers one more opportunity, as he addressed the fifth Sino-US SED, his last time as head of the US delegation. [Full Text]
Beijing has called on Washington to stabilize its precarious economy and protect its investments in America as the two sides opened strategic economic dialogues, which is overshadowed by the churning crisis of the global economy. "We hope the US side will take the necessary measures to stabilize the economy and financial markets, as well as to guarantee the safety of China's assets and investments in the United States," Vice Premier Wang Qishan told US Treasury Secretary Henry Paulson and other US officials at the Strategic Economic Dialogue in Beijing. [Full Text] China, US end fifth SED 'ahead of schedule' Paulson gives address to end 5th China-US SED Columnist: Adios -- and let's talk again Call to combat protectionism Seven eco agreements signed China urges US to protect investment Wang made the remarks when addressing the opening morning of the fifth China-US strategic economic dialogue (SED). He said strengthening bilateral investment protection would help establish a fairer, more transparent and predictable environment for mutual investment. [Full Text] Paulson: Engagement with China yields results
Initiated by President Hu Jintao and his US counterpart George W. Bush in 2006, the semiannual dialogue has become a major channel for policymakers in the two countries to maintain frequent contact and enhance mutual trust.
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There's an old saying in Texas, the home state of US President George W. Bush: If it ain't broke, don't fix it. And in Michigan, president-elect Barack Obama's home state (okay, they may now be trying to fix what is clearly broke), the gameplan when things were running well was: Make 'em bigger, and better.