EXIM President: Battling China's predatory economics

(Fox News - Opinion, Washington, 17 October 2020) Kimberly Reed: The latest manifestation of China’s economic aggression is the increasing use of export financing to distort fair and free-market competition. In 2019 alone, communist China provided three times the export financing of the next-largest provider. For Beijing, export financing helps increase its influence abroad as well as promote its One Belt, One Road initiative. Chinese official financing in 2019 totaled at least $76 billion all around the world, all of it designed to further Beijing’s global objectives, and much of it targeted to reduce U.S. economic influence. By handing out money around the world at low-interest rates, Beijing is able to advance its strategic objectives. The goal? Global dominance by 2049. If the U.S. is to combat China’s latest form of aggression, we must step up our export financing game. Enter, the Export-Import Bank of the United States (EXIM), which can play a central role in leveling the global marketplace for American exporters and supporting American jobs.  launched a new “Program on China and Transformational Exports” to support the extension of loans, guarantees, and insurance to American exporters on terms competitive with the PRC’s. EXIM’s goal is to reserve at least $27 billion in financing to “neutralize” PRC export subsidies and advance the comparative leadership of the United States with respect to the PRC. [How these U.S. "subsidies" fit into the OECD's efforts "to provide a framework for the orderly use of officially supported export credits by fostering a level playing field in order to encourage competition among exporters based on quality and prices of goods and services exported rather than on the most favourable officially supported export credits" is misterious.]