China, US offer USD 20 bn finance to lift global commerce

BEIJING: US Treasury chief Henry Paulson said today the United States and China would make USD 20 billion available in trade financing to boost commerce amid the global slowdown.

"To support trade flows during this period of financial turmoil the US and China announced today that our two export-import banks will make available an additional USD 20 billion for trade finance, particularly for creditworthy importers in developing economies," Paulson said.

He made the remark at the end of the two-day Strategic Economic Dialogue, a high-level Sino-US meeting in Beijing, held against the backdrop of the worst global financial crisis in decades.