| This is what they are doing with some of their forex reserves...
The first planes will be hybrids of Boeing and Airbus for sale to poorer countries, and expect some facilities to be set up in the EU and US to siphon technology and even engineers and specialized blue collar people.
"http://news.xinhuanet.com/english/2008-05/11/content_8144727.htm"
China's jumbo passenger aircraft company established in Shanghai
2008-05-11 10:55:28 Print
SHANGHAI, May 11 (Xinhua) -- China's first ever jumbo passenger aircraft company, which was a major part of the nation's large jet program, was officially inaugurated in Shanghai on Sunday.
Vice Premier Zhang Dejiang said at the inauguration ceremony that the large jet program was of significance to improve China's independent innovation capabilities and to meet the rapidly expanding civil aviation market at home.
Chinese Vice Premier Zhang Dejiang (L) and Shanghai Party Chief Yu Zhengsheng (R) unveil the plaque for China's first ever jumbo passenger aircraft company at the inauguration ceremony in Shanghai, east China, May 11, 2008. China's first ever jumbo passenger aircraft company, which was a major part of the nation's large jet program, was officially inaugurated in Shanghai on Sunday.
Chinese Vice Premier Zhang Dejiang (L) and Shanghai Party Chief Yu Zhengsheng (R) unveil the plaque for China's first ever jumbo passenger aircraft company at the inauguration ceremony in Shanghai, east China, May 11, 2008. China's first ever jumbo passenger aircraft company, which was a major part of the nation's large jet program, was officially inaugurated in Shanghai on Sunday. (Xinhua Photo)
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For the program, China should actively import sophisticated technologies, and at the same time, make breakthroughs in core technologies and achieve related independent intellectual property rights, according to Zhang.
The newly established company, named Commercial Aircraft Corporation of China Ltd. (CACC), will be responsible for researching, developing, manufacturing and marketing the homegrown large passenger aircraft.
Domestic airline companies, foreign suppliers, and representatives from international aviation producers including Boeing and Airbus attended the inauguration ceremony.
The CACC has a registered capital of 19 billion yuan (2.7 billion U.S. dollars). The State-owned Assets Supervision and Administration Commission alone invested 6 billion yuan, becoming the biggest shareholder.
The inauguration ceremony of China's first ever jumbo passenger aircraft company is held in Shanghai, east China, May 11, 2008.
The inauguration ceremony of China's first ever jumbo passenger aircraft company is held in Shanghai, east China, May 11, 2008. (Xinhua Photo)
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Shareholders of the new company also include China Aviation Industry Corporation I (AVIC I), the country's largest aircraft producer, and China Aviation Industry Corporation II (AVIC II).
Zhang Qingwei, minister of then State Commission of Science, Technology and Industry for National Defense, was appointed the board chairman.
Jin Zhuanglong, the company's general manager, told Xinhua that "It is too early to set a timetable or make development strategy," adding that it will take a long time for the company to train talents and do research.
"Since large aircraft cannot be made in one or two days, CACC will pose no threat to large jet-makers like Boeing and Airbus," Jin said.
Jin added that China is to make full use of worldwide resources to develop the aircraft, and welcomes cooperation from foreign companies.
According to Jin, CACC's goals within the first few years include finishing delivery and maiden flight of ARJ21 aircraft, establishing an operating system and training talents.
Shanghai Aircraft Manufacturing Factory and the First Aircraft Institute of AVIC I, which participated in producing the country's first homegrown regional jet ARJ21-700, joined the newly established CACC.
Chinese Vice Premier Zhang Dejiang (3rd L), Shanghai Party Chief Yu Zhengsheng (3rd R) and Minister of Science and Technology Wan Gang (R) attend the inauguration ceremony of China's first ever jumbo passenger aircraft company in Shanghai, east China, May 11, 2008.
Chinese Vice Premier Zhang Dejiang (3rd L), Shanghai Party Chief Yu Zhengsheng (3rd R) and Minister of Science and Technology Wan Gang (R) attend the inauguration ceremony of China's first ever jumbo passenger aircraft company in Shanghai, east China, May 11, 2008. (Xinhua Photo)
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ARJ21-700 rolled off the production line in Shanghai last December, and will start its maiden flight in upcoming Autumn.
Establishment of CACC was approved in February 2007 by the State Council, China's Cabinet. This was to make the country capable of building aircraft with a take-off weight of more than 100 tonnes, |
