The China Shipbuilding Industry Corporation (CSIC) has signed a deal with the Bank of Shanghai to gain access to CNY50 billion (USD7.3 billion) in credit.
The agreement is expected to support a range of industrial activity and is the latest in a series of similar deals announced in recent years.
Citing a statement by CSIC, China’s State Administration for Science, Technology and Industry for National Defence (SASTIND) – the government’s leading defence industrial agency – said that the new “international credit line” was formally agreed by CSIC and the Bank of Shanghai on 4 December.
SASTIND added that the deal means that state-owned CSIC has obtained credit worth “about CNY600 billion” from Chinese financial institutions.
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