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Bank Supports Aircraft Producers
The Industrial and Commercial Bank of China has provided 145 million yuan (about US$17.5 million) in loans to the technological upgrading of the subcontract production line of Shenyang Aircraft Corporation.
So far, the bank has provided a total of 600 million yuan of loans to China's aircraft producers for manufacturing aircraft parts on a subcontract basis.
China now has four aircraft producers manufacturing parts for Boeing planes. About 3,100 or one fourth of Boeing planes now in service around the world have parts produced in China.
From next year, Boeing will produce 25 Boeing 737 planes a month, of which, 17 will be fitted with tail wings produced in China.
Shenyang Aircraft Corporation has also signed a contract with Airbus Corporation to provide parts for Airbus's A320 plane. The first batch of parts will be delivered in 2001.
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