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US exporters attending the ongoing annual conference of the Export-Import Bank of the United States (Ex-Im Bank) in Washington expressed optimism Tuesday about the bright prospect of doing business with China.
There are so many business opportunities in China, officials representing US exporters said in a special discussion during the two-day annual conference of the Ex-Im Bank started here on Tuesday.
John Richter, a regional director with the Ex-Im Bank, a US official export credit agency, expressed enthusiasm about doing business with China, saying that China is changing and there is a unique set of circumstances in China including the all-time high 290 billion US dollars in its foreign exchange reserves.
Other favorable conditions are that China's domestic interest rates are at an all time low and that China's banks have high liquidity position, he said, adding that China is paying cash for some big ticket imports.
Richter said that US exports to China are increasing year on year and that China's accession to the World Trade Organization should further open the country's market.
"It is a dynamic lucrative market," said Richter, adding that the 2008 Olympic Games in Beijing presents a golden opportunity for US companies.
But Richter also pointed out that there is an intense competition for market share among the export credit agencies. The Ex-Im exposure in China is 5.1 billion dollars, he said.
When asked whether there are any challenges for US companies to do business with China currently, Richter told Xinhua that he hoped that more Chinese companies could provide financial statements of the international standard.
However, he said that China is moving quickly towards that direction and it is just a matter of "ten years" or "even five years."
This year's Ex-Im Conference is held at a time when many economists are still pondering economic implications of the SARS disease, which has dealt a heavy blow to China.
But speakers at the meeting, including Karen L. Zens, an official from the US Department of Commerce, said it is just posing a "short-term impact" and she was hopeful that it could be over in a couple of months.
(Xinhua News Agency April 23, 2003)
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