ICBC Financial Leasing signed an operational leasing agreement worth $1.7 billion with Garuda Indonesia, a move showing the deepening economic and trade ties between China and Indonesia, according to an announcement from the leading Chinese financial leasing company on Thursday.

According to the terms of the deal, ICBC Leasing would lease five Boeing B777-300ER wide-body jets and six Airbus A320-200 narrow-body jets to Garuda Indonesia, the country's largest state-owned airline.

ICBC Leasing CEO Cong Lin said the company seeks to make itself a world-class financial leasing company, and the deal with Garuda will help ICBC Leasing explore the Asian market and strengthen its global competitiveness.

ICBC Leasing is a company entirely owned by the Industrial and Commercial Bank of China. The company focuses on leasing business within areas such as aviation, shipping, energy and power, transportation, engineering and machinery.