Chinese Bank, IATA Cooperate in Capital ClearingThe Industrial and Commercial Bank of China (ICBC) and the International Air Transport Association (IATA) signed a capital clearing agreement Thursday in Beijing.According to the agreement, the IATA's plane ticket proceeds in China will be cleared exclusively by the ICBC. The IATA is a large non-governmental organization found in 1945 by major airlines in the world, and since then it has played an increasingly important role in international air transport market and contributed significantly to the prosperity and stability of the air transport industry. At present the IATA has more than 270 member airlines in over 140 countries and regions, and its members account for 98 percent of regular global air transport businesses. The IATA's presence in China has been expanding fast, with 10 member airlines so far in China. The ICBC is China's largest state-owned commercial bank, with powerful capital and technological strength and good credit. By the end of 2000, the bank's total assets had exceeded four trillion yuan. |
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