Fannie Mae, a major U.S. mortgage financing institution, reported a massive loss of $13 billion in the first quarter, equivalent to a loss of $2.29 per share, and is once again seeking substantial government aid. The institution has already received several government "infusions" and currently requires an additional $8.4 billion in capital injection to help it weather the difficulties.
The U.S. real estate market is currently showing signs of stabilization, but Fannie Mae warns that cases of foreclosure will increase and home prices will decline slightly. Another major mortgage financing institution, Freddie Mac, said on the 5th that due to an $8 billion loss in the first quarter, it needs the government to provide an additional $10.6 billion in bailout funds.
19. U.S. Secretary of Commerce Reevaluates Export Policy to China 2010-05-13
The United States is reevaluating its export control policy for high-tech products to China. Gary Locke will lead a trade delegation to visit China from May 15 to 25.
U.S. Secretary of Commerce Gary Locke stated on the 12th that the United States is reviewing its export control policy for high-tech products to China, and more relevant news may be announced in the coming months.
Locke made these remarks while answering reporters' questions at a press conference held on the eve of his visit to China. He will lead the Obama administration's first cabinet-level trade delegation to visit China and Indonesia from May 15 to 25.
Locke stated that some high-tech products that the U.S. restricts from exporting to China due to security concerns are already very open in other parts of the world, which makes the controls seem meaningless. Therefore, the United States is reviewing such "export control" policies.
However, Locke also pointed out that less than 5% of U.S. goods exported to China require a license, and most technical products exported to China are approved in a very rapid manner.
The Chinese side has always believed that the U.S. "conservatism" in the export of high-tech products is an important reason for the trade imbalance between China and the United States, and has therefore consistently called on the United States to relax export restrictions on high-tech products to China.
In this regard, Locke also stated in an interview with Chinese media earlier that expanding exports to China, rather than restricting imports from China, would be a better way to solve the U.S. trade deficit. To achieve this goal, the United States will actively promote the export of goods and services to China.
Regarding the purpose of this visit to China, Locke stated that the main goal is to promote technologies related to clean energy, energy efficiency, and power storage, transmission, and distribution. He expressed his expectation that this trip would promote U.S. export opportunities, support U.S. jobs, and also bring relevant technologies to China and Indonesia, achieving a "win-win" result.
In addition, Locke also revealed that during his visit to China, he would discuss with the Chinese side the issue of restrictions on foreign investment entering government procurement projects in China's indigenous innovation policy. As for the RMB exchange rate issue, Locke was reluctant to talk much, only stating that this issue is not a key topic of his visit to China this time, but it might be discussed by both sides at the upcoming China-U.S. Strategic and Economic Dialogue in Beijing.