Public Papers - 1989 - December
Statement by Press Secretary Fitzwater on Trade With China
Today, in signing the International Development and Finance Act of 1989, H.R. 2494, the President decided to exercise provisions provided for in the bill which would waive prohibitions on the Export-Import Bank's financing of U.S. business activities with the People's Republic of China.
The President waived the prohibitions on the grounds of national interest. This does not return the Export-Import Bank's activity to business as usual with China. Since June, Ex-Im has limited itself to providing preliminary financing commitments where project decisions are imminent. This reduced level of activity closely approximates that of our competitors. The waiver, by maintaining the status quo, preserves a level playing field for U.S. business. Additional business activity with China will be considered on a case-by-case basis as part of a continuing review process.
Note: H.R. 2494, signed December 19, was assigned Public Law No. 101 - 240.