(Reuters) The head of the Export-Import Bank of the United States (EXIM) urged the Biden administration to keep pushing to neutralize Chinese export subsidies and help U.S. companies compete.
Chairman Kimberly Reed told Reuters she was confident that restoration of the bank’s full lending powers had strengthened the competitiveness of U.S. companies and helped level the playing field, but more work was needed. At the end of 2019, EXIM had secured a seven-year reauthorization, the longest in its 87-year history, as part of a spending bill that won strong bipartisan support.
Key sectors targeted for this financing include artificial intelligence, biotechnology, wireless communications equipment, including 5G, quantum computing, water treatment, and renewable energy, as well as emerging financial technologies, she said.
Reed said U.S. companies faced increasingly intense competition – with 116 countries now having their own export credit agencies, up from 85 in 2016 – but global buyers had told her they were pleased to see EXIM was again backing deals.