US, China promise $20 billion to finance trade

BEIJING - The United States and China will provide $20 billion in loans to finance trade by developing countries amid a global crisis that has battered credit markets, U.S. Treasury Secretary Henry Paulson announced Friday as the two sides wrapped up high-level economic talks.

Leaders of major economies who met in Washington last month to discuss a response to the global financial crisis, pledged to make sure developing economies got access to the financing needed to keep trade flowing.

The U.S. and Chinese government import-export banks will provide the $20 billion in financing to creditworthy importers in developing economies, Paulson said. He gave no other details.

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