US and China agree to negotiate export credit deal

(Reuters, Washington, 14 Februrary 2012) The US and China have agreed to open talks on setting guidelines for export-credit financing, an area where Beijing's aggressive practices have raised US concerns. The White House said the US and China would establish an international working group that included other major providers of government-backed loan guarantees "with the goal of concluding an agreement by 2014." China is still not a participant in the OECD led “Arrangement on Guidelines for Officially Supported Export Credits”.