The leasing arm of Agricultural Bank of China will finance Embraer aircraft under a memorandum of understanding (MOU) that could make $1.5 billion available to operators over the next five years. “The agreement is designed to create new financing opportunities for Embraer to sell aircraft in China and other markets, with a focus on the development of China’s regional, executive and agricultural aviation,” says Embraer. The leasing company is called ABC Financial Leasing. Its parent is one of China’s largest banks.

Across China, airports are being expanded, airline traffic is booming and civil aircraft development is moving ahead, but that seems to be not enough for Beijing, which is according the sector high priority in a new national five-year economic plan. Aircraft-building is included in seven industries that the plan has elevated to strategic significance, with specific mention of the importance of the Comac C919 narrowbody airliner program.

Hardly a month seems to go by without a new move by the Chinese aerospace industry to acquire critical know-how from Western competitors. The maneuvers have been increasing in number and perhaps in effectiveness—from encouraging, and later requiring, Western companies selling in China to work with Chinese partners, to Beijing’s state enterprises simply buying foreign companies that had key technology.