China Aerospace Gets CNY30bn Financial Support
BACHF | Quote | Chart | News | PowerRating -- Chinese military-industry complex China Aerospace Science and Industry Corp. entered into a strategic cooperation framework agreement in Beijing on November 18, 2009 with Chinese gigantic lender Bank of China Ltd. (SEHK: 3988, SHSE: 601988).
Under the agreement, China Aerospace will get a credit line of CNY 30 billion from Bank of China.
It is a new start in both cooperation history, the bank pointed out. It will shore up the development of China Aerospace's military and civilian industries, a big push to not only improve the latter's innovation but also promote the modernization of national defense equipment and the integrated development of the military and civilian industries.
With six listed subsidiaries, China Aerospace is a state-owned high-tech titan under the administration of the State-owned Assets Supervision and Administration Commission of China, the nation's state-owned assets watchdog under the State Council, the nation's cabinet.
It is a veteran engaging in missile weapon systems, military and civilian information technologies, satellites and satellite applications, energy and environmental protection and related equipment, communications and electronics equipment, special vehicles and related components and parts, special equipment manufacturing, and aerospace engineering and R&D.
Source: www.hexun.com (November 19, 2009)
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