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The export and import banks of China and the US jointly announced yesterday that they have completed negotiations on a form of standard medium-term credit agreement, with which both borrowers and lenders will conform for each specific transactions.

The announcement was made at a press briefing by heads of both banks. By providing finance for transactions of US$20 million or less this milestone agreement will lead to increased sales of US exports, according to the announcement.

The loans will be guaranteed by China's Ministry of Finance and supported by the Export-Import Bank of the US with medium-term export credit guarantee.

Both said the pre-negotiated form of standard medium-term credit agreement would benefit businesses in the two countries. US exporters and Chinese importers can expect a substantial reduction in the time taken to document the financing of export sales.

Li Ruogu, chairman and president of the Export-Import Bank of China, said, "The cooperation in sovereign guarantee financing will help boost exports of advanced technology and equipment from the US to China, strengthen economic and trade ties between the two countries and will definitely breathe new life into the two economies."

Chairman and President of the Export-Import Bank of the US, James H. Lambright, said, "China is the fourth largest economy in the world. By making it easier to finance US exports to this huge market we're supporting high-quality jobs in the US while improving the bilateral trade balance."

Both Li and Lambright encouraged those observing the initiative to take advantage of export credit transactions under the new medium-term credit agreement and submit applications.

(Xinhua News Agency December 15, 2006)