China Getting independence From Leading Jumbo Makers!!
Asian economy Major, China has established a homegrown company to make passenger jumbo jets, state media reported Sunday — a step forward in the country’s quest to make less dependent on foreign aircraft companies like Boeing and Airbus.
China is seeking to become less independent on Boeing and Airbus to supply its jumbo jets. China Commercial Aircraft was established in Shanghai with registered capital of 19 billion yuan ($2.7 billion), the official Xinhua News Agency said.
It said that Chinese central government and the Shanghai government are among the major shareholders, as are China’s two main aircraft manufacturing and servicing companies — China Aviation Industry Corp. I and China Aviation Industry Corp. II, which were split off from state-owned China Aviation Industry Corp. in 1999.
China’s state broadcaster CCTV said the state-owned Assets Supervision and Administration Commission of the central government had committed 6 billion yuan ($86 million), making it the largest investor.
Europe’s Airbus has forecast that China’s domestic market will increase fivefold by 2026. Airbus and Chicago-based rival Boeing dominate the market for commercial airplanes carrying 100 or more people.
Xinhua said Commercial Aircraft would be able to make planes with more than 150 seats. General manager Jin Zhuanglong said in a Xinhua interview that it was too early to copmment when will Chinese-developed jumbo jet would be taking off, as it would take a long time to develop homegrown talent and do lots of R&D.
“According to the development history of Airbus and Boeing, the development and success of civil planes cannot be realized by relying on one or two generations,” he was quoted as saying.
The company’s short-term goal is to help market and sell China’s first commercial jet, the 85-seat ARJ21, which has already been developed by China Aviation Industry Corp. aka AVIC — he said.
The jet has yet to make its maiden flight, but AVIC I already has received 181 orders from Chinese carriers. Meanwhile,a memorandum of understanding has been signed with GE Capital Aviation Services on a possible order for five jets, which would be the first sale to a major foreign company.
One Final Pin Prick: Hopefully, this aircraft manufacturing in their country will not be clubbed with cheap rated chinese goods which has notorious name through out the world markets having filled cheap quality products thriving on cheap slave labour policy adopted by communist and autocratic rulers of china.
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