Airplane JV to Be Launched on Sunday
A joint venture company will be launched on Sunday in Shanghai to develop and build the country’s first large airplanes.
The new company has a registered capital of 19 billion yuan, with its largest shareholder being the State-owned Assets Supervision and Administration Commission of the State Council. Other shareholders with different stakes are the Shanghai State-owned Assets Supervision and Administration Commission, AVICⅠ, AVICⅡ, Baosteel, Aluminum Corp of China and Sinochem Corp.
By this move, China Commercial Aircraft Co Ltd aims to manufacture passenger jets with at least 150 seats, strengthening its competitive edge over Boeing and Airbus in the fast-growing aviation market. And its first aircraft are scheduled for takeoff by 2020.
Above all, the company will be to develop an operating structure and a research and development center which is to be based at the Shanghai branch of the First Aircraft Institute under the China Aviation Industry CorporationⅠ.
The institute currently employs 700 staff, who previously designed the 50 to 60-seat MA60 turboprop aircraft and the 70 to 90-seat ARJ21 regional jet. And such experience obtained in the development of these smaller aircraft will lay a solid foundation for the development of larger planes.
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