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China Eastern gets $1.46b credit line

(Agencies)
Updated: 2009-01-20 11:34

China Eastern Airlines Corp received a 10 billion yuan ($1.46 billion) credit line from Shanghai Pudong Development Bank Co, Xinhua News Agency said, citing the airline.

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This follows the 10 billion yuan line of credit China Eastern obtained from Bank of Communications Co in December, the news agency reported.

China is helping its unprofitable airlines by cutting taxes, lowering domestic oil prices and offering financial aid. The parent company of China Eastern got a 3 billion-yuan capital injection from the government last month.