FOR IMMEDIATE RELEASE September 14, 2012
Jamie Radice (202-565-3200)
Chongqing, China - Fred P. Hochberg, the chairman and president of the Export-Import Bank of the United States (Ex-Im Bank), led a business-development mission in China this week where he met with local officials and identified new business opportunities for American companies. Hochberg traveled to Beijing, Chengdu, Tianjin, and Chongqing.
China is a dynamic market, and there are enormous opportunities for American businesses to sell to Chinese customers, said Hochberg. Over the next several years, China is expected to make significant infrastructure investments, and U.S. companies, workers, and products should be involved in those projects.
While in China, Hochberg met with leading business organizations, including members of AmCham Southwest China and PCH International. Hochberg also held meetings with Vice Governor Gan Li, Mayor Ge Honglin, Mayor Huang Qifan, and Party Secretary Zhang Dejiang.
Ex-Im Bank's volume is increasing in China. In FY'12 year-to-date, the Bank has authorized $1.2 billion in financing for Chinese companies that purchased U.S. goods and services, more than a 100 percent increase over FY'11 ($586 million). As of July 2012, China ranked fourth in new authorizations for Ex-Im Bank.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.