Chinese Treasury Reimburses Aviation, Tourism Companies

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Last updated at: (Beijing Time) Wednesday, May 14, 2003

Chinese Treasury Reimburses Aviation, Tourism Companies

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The Chinese government offered reimbursement on interest of short-term loans borrowed by large-scale national civil aviation and tourism companies to finance daily operations, the Ministry of Finance said in an emergency notice Tuesday.

The ministry said the amount of reimbursement would depend on the total sum the companies borrowed. The term of the interest reimbursement is five months, from May 1 to Sept. 30, and the loans must be used to finance the companies' normal operations, including payment of wages and necessary logistics supply.

The Ministry of Finance also allowed its local fiscal arms to format their own assistance policies toward local civil aviation and tourist companies.

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