Convenes First Meeting of 2021, Focuses on EXIM as a Key Part of a Whole-of-Government Approach to Addressing Chinese Aggressive Trade Practices
FOR IMMEDIATE RELEASE January 14, 2021
Office of Communications (202) 565-3207
WASHINGTON – The Export-Import Bank of the United States (EXIM) Advisory Committee Subcommittee on Strategic Competition with the People’s Republic of China, informally known as the Chairman’s Council on China Competition (Council), yesterday convened virtually its first meeting of 2021 to discuss how EXIM can best position for long-term success in countering unfair and aggressive Chinese trade practices, and advancing American jobs and economic security. The Council also commended EXIM’s recent establishment of a narrowly-tailored content policy specific to the agency’s Program on China and Transformational Exports.
The meeting was opened by Ambassador Paula Dobriansky, who serves on EXIM’s Advisory Committee and as Chair of the Council, after which EXIM Advisory Committee Chair Stevan Pearce, who established the Council in September 2020, and EXIM President and Chairman Kimberly Reed provided opening remarks.
“The insights provided by the members of the Chairman’s Council on China Competition are invaluable as we continue to implement our Program on China and Transformational Exports,” said Chairman Reed. “This program, which is one of the most significant initiatives in the agency’s 87-year history, is critical to countering unfair trade practices from the People’s Republic of China, and the Council’s diverse expertise has further enabled EXIM to fulfill this Congressional mandate and support U.S. exporters competing globally.”
“EXIM’s Program on China and Transformational Exports is a critical tool for the United States to counter Chinese aggressive trade practices – and it will continue to be for years to come,” said Ambassador Paula Dobriansky. “I applaud EXIM’s recent establishment of a content policy specific to the ten transformational export sectors within its China Program, and thank the subcommittee members for their keen insight on steps the agency can take to further support U.S. economic security.”
“EXIM is critical to ensuring American exporters remain competitive globally, and ensuring U.S. leadership around the world,” said Chair Pearce. “I applaud the decisive steps taken by Chairman Reed to reauthorize and reform the agency to ensure its future success, particularly as it supports U.S. businesses facing fierce competition from entities backed by the People’s Republic of China.”
“The Chairman’s Council on China Competition provided extremely valuable thought leadership as EXIM addresses challenges and opportunities in implementing the China Program,” said David Trulio, Senior Vice President for the Program on China and Transformational Exports. “Especially as we implement the Program, I appreciate the Council’s emphasizing the importance of proper resourcing and execution, ensuring that the Program is proactive, business-friendly, and an integrated tool in a whole-of-government approach to addressing long-term competition with the People’s Republic of China.”
EXIM Chairman Kimberly Reed and National Security Advisor Jamal Ware join Chairman’s Council on China Competition Members (on screen).
EXIM’s Program on China and Transformational Exports, which was established in EXIM’s historic seven-year Congressional reauthorization and signed into law by President Trump on December 20, 2019, directs EXIM to provide financial products to directly neutralize export subsidies offered by the PRC, helping to ensure a level playing field for U.S. businesses and workers as they compete globally. The Program has the aim of advancing the comparative leadership of the United States and supporting U.S. innovation, employment, and technological standards globally in ten transformational export industries, including artificial intelligence, 5G, quantum computing, biomedical sciences, biotechnology, and renewable energy. The law charges EXIM with a goal of reserving not less than 20 percent of the agency’s total financing authority (i.e., $27 billion out of a total $135 billion) for support made pursuant to the program.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.