U.S. Relations With the People's Republic of China (2008)

U.S. Department of the Treasury

December 16, 2008
HP-1329

Under Secretary for International Affairs David H. McCormick
Remarks on U.S.-Asia Economic Relations
at the Asia Society in New York

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Lessons for U.S. - Asia Economic Engagement

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Fortunately, as the crisis has worsened, global policymakers have responded with coordinated policy action. The Group of Seven action plan I mentioned earlier aims to restore the flow of credit by securing interbank lending, and coordinated central bank actions have provided unprecedented levels of liquidity to the market. Bilaterally, the Strategic Economic Dialogue (SED), which has been an invaluable forum for building U.S.-China economic relations, has been especially important in strengthening our lines of communication and cooperation during the crisis. Earlier this month at the 5th SED meeting in Beijing this collaboration was apparent in a number of ways. For example, to address the acute decrease in available trade finance that has occurred as the crisis has developed, the U.S. Export-Import Bank and the Export-Import Bank of China announced that they will provide funding to support over $38 billion of finance for exports for emerging market countries. To combat short-sighted appeals for protectionism, many policymakers throughout the world have also reaffirmed their commitment to completing a successful Doha trade round and refraining from raising new barriers to trade and investment.

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