China unveils new jumbo jet company: report

0 Comments | AFP, May, 2008

BEIJING (AFP) — China unveiled its own jumbo jet maker in Shanghai on Sunday, state press reported, in a move that could eventually rival Airbus and Boeing.

The new company, Commercial Aircraft Corporation of China (CACC), will be responsible for researching, developing, manufacturing and marketing a made-in-China large passenger aircraft, Xinhua news agency said.

China announced early last year that it planned to develop a 150-seat passenger aircraft, which could eventually compete against planes made by Boeing and Airbus, the world's two dominant commercial jet makers.

CACC has a registered capital of 19 billion yuan (2.7 billion dollars), Xinhua said, with the government investing 6 billion yuan to become the largest shareholder.

State press...