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Airbus delivers 1st China-assembled A320
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Airbus delivered its first China-assembled A320 jet on Tuesday in north China's port city of Tianjin, the base of the manufacturer's only final assembly line outside Europe. [CFP photo]

The bank will provide financing worth 20 billion yuan (US$2.92 billion) for airlines that buy Airbus aircraft made in the Tianjin factory over the next five years. The financing could cover 70 A320 aircraft.

China Eastern Airlines Corp. signed a deal in Paris on June 18 to buy 20 A320 passenger jets from Airbus to meet potential demand increase in its domestic market.

The total cost was around 9.9 billion yuan (US$1.45 billion), and the aircraft would be delivered between 2011 and 2013, according to the carrier.

China set up its first ever large passenger aircraft company in Shanghai in May, 2008, taking a major step forward in its large jet program to meet the demand of fast growing domestic market.

According to industry estimates, China will need about 3,000 passenger aircraft over the next 20 years.

Analysts believe that China will play a bigger role in the world's aviation industry with the Tianjin line in operation, as final assembly lines stand for core competitiveness of aviation manufacturers.

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