D.C. officials are announcing a memorandum of understanding with the Export-Import Bank of China. They say the agreement will help increase trade opportunities with the country, open up funding for Chinese companies looking to invest in D.C., and help spur investment in the city's hot real estate market.
Sources in the Wilson Building say the agreement also potentially paves the way for the bank to help finance the expansion of the city's streetcar system.
In a statement, Mayor Vincent Gray says as the District diversifies its economy, the city needs to become less dependent on the federal government and increase its global portfolio.
Later this month, Gray and other city officials are heading to China to renew D.C.'s sister-city relationship with Beijing and meet with foreign investors about potential opportunities in the city.