Conservative Republicans in the United States had long wanted to cut funding for the U.S. Export-Import Bank, calling it government-subsidized “corporate welfare.” But as they’re becoming more concerned about competition from China, many of those same Republicans are changing their tune and persuading their colleagues in Congress, and President Donald Trump, to not only extend the agency’s authorization for another seven years but also include a mandate for the bank to mount a challenge to China’s massive policy banks.

But it won’t be easy, because the U.S. lags far behind the Chinese in this kind of export financing. Really really far behind. In fact, between 2015 and 2019, China’s medium and longterm export credit activity was equal to 90% of all G7 countries COMBINED.