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China to sign Cape Town convention on aircraft financing - US government

Beijing (XFN-ASIA) - China has agreed to sign up to the Cape Town Convention on aircraft financing, which will reduce the financial risk of cross-border aircraft financing and make it easier for US aircraft and aircraft parts manufacturers to sell their products in China. China confirmed during the US-China Joint Commission on Commerce & Trade meetings that it has already initiated the ratification process.

Its ratification of the convention "will reduce the risk in financing aircraft purchases, making less expensive financing terms available to Chinese airlines, thus making it easier to purchase US aircraft," according to astatement by the US government.