The United States and China pledged $20 billion to help finance trade amid a global credit crisis Friday as they wrapped up high-level talks marked by a Chinese appeal to Washington to stabilize its economy, Ap reported. «We are both committed to strengthening the global economy,» Treasury Secretary Henry Paulson, the U.S. envoy to the Strategic Economic Dialogue, told reporters, standing with his Chinese counterpart, Vice Premier Wang Qishan. U.S. and Chinese government export-import banks will provide the credit to importers in developing countries, Paulson said. On Thursday, Wang and China's central bank governor urged Washington to rein in debt-fueled spending, stabilize its economy and protect Beijing's U.S. investments. The comments reflected increasing Chinese assertiveness and a role reversal after usually being on the receiving end of calls from the U.S. for currency and financial reforms. «The important reasons for the U.S. financial crisis include excessive consumption and high leverage,» said central bank Gov. Zhou Xiaochuan, according to Jin Qi, an official who briefed reporters. «The United States should speed up domestic adjustment, raise its savings rate and reduce its trade and fiscal deficits.» U.S. officials pressed Beijing during the talks to let the yuan rise further in value to ease trade tensions. But no breakthroughs on that or other major disputes were announced at the talks, which are meant to address the long-term growth of U.S.-Chinese economic ties.
