FOR IMMEDIATE RELEASE April 17, 2002
In China -- Lauren Verdery (202) 320-2643, In Washington, D.C. - Marianna Ohe (202) 565-3200
D. Vanessa Weaver, a member of the board of directors of the Export-Import Bank of the United States (Ex-Im Bank), will visit Beijing and Shanghai April 18-25, 2002, to explore expanded U.S. export opportunities resulting from China's accession to the World Trade Organization (WTO). Weaver's China visit follows her three-day business development trip to Vietnam.
In China, Weaver will participate in the business development mission of U.S. Commerce Secretary Don Evans, and also meet with a wide range of U.S. and Chinese business and government leaders. She also will attend a meeting of the Berne Union, an international organization of public and private insurers and export credit agencies, to discuss issues related to short-term insurance programs.
China's entry into the World Trade Organization represents a milestone in U.S.-China commercial relations and opens up new business opportunities for U.S. exporters, Weaver said. We are here to learn how Ex-Im Bank financing programs can further meet the needs of Chinese buyers in this rapidly changing economy. Noting that China is one of Ex-Im Bank's largest customers, Weaver added, We want to do more in China's non-state and private sector as China continues to implement market reforms. China's WTO membership requires it to open its market to more imports and adopt other market reforms.
Weaver will be in Beijing from April 18-23. She will participate in an Olympics infrastructure seminar on export opportunities associated with building facilities for Beijing's 2008 Olympic games. In addition, she will attend the Berne Union gathering, meet with Chinese banks and U.S. and Chinese business leaders, and address the China Business Summit sponsored by the World Economic Forum.
In Shanghai Weaver will address the Chinese Business Council and meet with U.S. and Chinese government and business leaders.
Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets, by providing loans, guarantees and export credit insurance. In fiscal year 2001, Ex-Im Bank authorized $340 million in financing to support U.S. exports to China, and $9.2 billion to support $12.5 billion of U.S. exports worldwide.