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AVIC-I Joins Hands With CITIC Industrial Bank
The China Aviation Industry Corporation I (AVIC-I)) recently signed an agreement with the CITIC Industry Bank (hereinafter referred to as the Bank) to launch an overall cooperation between the two by bringing their own advantages into play. According to the agreement the Bank will provide the AVIC-I with a credit loan of 1 billion yuan by opening a special account for it and corresponding management will accordingly be offered to the latter in respect of banking services, securities, insurance and trust businesses, etc.
As a large aviation industry enterprise group under the direct guidance of the central government, the AVIC-I has 53 large and medium sized industrial enterprises, 31 research institutions, 20 specialized companies and institutions with a payroll of 260,000 all told. It mainly engages in the development, manufacturing, sales, and follow-up services in the fields of military and civil aircraft and engines manufacture, airborne equipment supply and weaponry system as well as various other products for civil use.
The CITIC Industry Bank with its gross assets of 234.6 billion yuan by the end of 2000 is a powerful financial institution in China.
Through the collaboration, the two parties have not only established a long-term partnership, but also set a precedent of combination for financial capital to go along with the aviation industry.
It's also the first case for a bank to finance a solely sci-tech enterprise group under the direct guidance of the central government.
By PD Online Staff Member Deng Gang
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