Bank of Communications, one of China's major commercial banks, has promised to provide China Aerospace Science and Technology Corporation (CASC) with a credit line of 10 billion yuan (1.46 billion U.S. dollars).

According to an agreement signed here Sunday, the bank will support the CASC in developing innovation, competitiveness and management to become a world class aerospace enterprise.

The two sides also agreed to enhance financial cooperation and resource sharing, so as to push forward the aerospace industry in China.