US companies risk losing out in the global export battle as a proliferation of Beijing-based development banks boosts Chinese rivals, a senior Obama administration official has warned.
Fred Hochberg, chairman of the US government’s Export-Import bank, said that it has extended $590bn in loans, guarantees and insurance over its 80-year history while Chinese institutions have provided an estimated $670bn in the past two years alone.
“That’s a huge worry. I’ve been quite concerned about that,” Mr Hochberg told the Financial Times. “You can’t compete when it’s opaque financing and we have an American company competing against China Inc.”
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