“Future Directions of the Export-Import Bank of the United States: Neutralizing China and Advancing the United States Comparative Leadership in the World”
WASHINGTON: Export-Import Bank of the United States (EXIM) President and Chairman of the Board of Directors Kimberly A. Reed today delivered remarks (virtually)— “Future Directions of the Export-Import Bank of the United States: Neutralizing China and Advancing the United States Comparative Leadership in the World”—at the Center for Strategic and International Studies (CSIS).
Following a series of recent remarks made by National Security Advisor Ambassador Robert C. O’Brien, FBI Director Christopher Wray, Attorney General William P. Barr, U.S. Secretary of Defense Mark T. Esper, and U.S. Secretary of State Michael R. Pompeoexplaining the different facets of America’s relationship with China, Chairman Reed underscored the magnitude of Chinese state-backed unfair competition, which undermines U.S. exporters and puts America at a disadvantage in key sectors critical to the United States’ long-term economic and national security. She highlighted how our nation is taking a competitive approach to these, and other, challenges posed by Beijing, as outlined in the United States Strategic Approach to the People’s Republic of China.
Chairman Reed’s remarks focused on EXIM’s new “Program on China and Transformational Exports” (China Program)—one of the most significant initiatives in EXIM’s 86-year history—which was established in the agency’s historic bipartisan Congressional reauthorization and signed into law by President Trump on December 20, 2019. The law charges EXIM with a goal of reserving at least 20 percent—$27 billion—of its $135 billion financing authority—for the China Program, and with advancing “the comparative leadership of the United States” with respect to China, and supporting “United States innovation, employment, and technological standards,” through direct exports in key industries, including 5G, fintech, renewable energy, biomedical sciences, biotechnology, artificial intelligence (AI) and advanced computing, and semiconductors. More generally, EXIM is placing emphasis on technologies critical to long-term American prosperity and security, such as space technology.
Following Chairman Reed’s formal remarks, she joined Daniel Runde, Senior Vice President, William A. Schreyer Chair and Director, Project on Prosperity and Development at CSIS, who also serves as Chair of EXIM’s Sub-Saharan Africa Advisory Committee, for a “fireside discussion.” You can find a full recording of the event here.
“It is an honor to join CSIS’ Dan Runde and more than 200 attendees virtually—just over one year since I was sworn in as President and Chairman of EXIM— to reflect on the important work we have done to support U.S. exporters and workers, and highlight opportunities for the future,” said Chairman Reed. “In the last year, we have successfully reopened, reauthorized, and reformed the agency. In that historic reauthorization, signed into law by President Trump, Congress recognized on a bipartisan basis EXIM’s strategic value as a tool to counter the People’s Republic of China’s unfair and aggressive trade practices. I am excited to continue supporting U.S. businesses and workers by helping to level the playing field for American exporters, as we, through a whole-of-government approach, neutralize Chinese export subsidies, and advance the United States comparative leadership in the world. I’d also like to thank Dan Runde for his service and invaluable insight as Chair of EXIM’s Sub-Saharan Africa Advisory Committee.”
Chairman Reed added, “Our agency has actively engaged important members of the nation’s high-tech industrial base to solicit their views on how the agency can be more helpful in supporting their exports abroad. This outreach will hopefully drive new significant deal flow supporting U.S. jobs. But, we—I—want more. A lot more—particularly deals supporting smaller but growing companies, which have been an exciting source of innovation around the country. Where those capabilities have been developed in the United States—we must support their export. With this in mind, EXIM can support U.S. technology innovators in their desire to compete in the international marketplace, which is a vitally important part of our overall economic and national security approach to addressing China’s ambitions to technologically dominate worldwide.”
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