China launches jumbo jet firm
12 May 2008
China has launched a new state-run company that will build jumbo passenger jets in a bid to reduce its dependence on foreign technologies in the aviation sector, the South China Morning Post reported. The state-backed Commercial Aircraft Corp of China will be tasked with researching, developing, manufacturing and marketing a large passenger plane with at least 150 seats. Analysts were cited as saying that it could take years to realize this goal, but a success could eventually challenge aerospace giants Boeing and Airbus. The State-owned Assets Supervision and Administration Commission is the firm's largest shareholder, with an investment of around 32% of the company's total registered capital of US$2.7 billion.
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