Beijing provides export credit support for military exports

(Want China Times, Beijing, 15 February 2015) One of China's top military electronics companies has secured a credit worth 35 billion yuan (US$5.6 billion) for international sales activities, reports UK-based Jane's Defence Weekly. The China Electronics Technology Group Corporation (CETC) will be granted the fund through a strategic cooperation agreement it signed with the Export-Import Bank of China earlier this month, according to China's State Administration for Science, Technology and Industry for National Defense (SASTIND). Several weeks ago, China Aerospace Science and Industry Corp (CASIC), another state-owned defense industry, obtained a credit worth 20 billion yuan (US$3.2 billion) from China Construction Bank. The SASTIND announcement shows a close tie between China's state-owned defense companies and banks. Most national defense companies have received similar credits that usually run into the billion dollar range from the banks over the last years.