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China Launches Jumbo Jet Company
11 May 2008
Xinhua. China officially inaugurated its first jumbo passenger aircraft company in Shanghai on Sunday. The company, Commercial Aircraft Corporation of China Ltd.(CACC), will be responsible for researching, developing, manufacturing and marketing the made-in-China large passenger aircraft.
Zhang Qingwei, minister of then State Commission of Science, Technology and Industry for National Defense, was appointed as the company’s board chairman. CACC has a registered capital of 19 billion yuan (US$2.7 billion.
The biggest shareholder is State-owned Assets Supervision and Administration Commission (6 billion yuan). A consortium made up of the municipal government of Shanghai and China Aviation Industry Corporation I (AVIC I), the country’s largest aircraft producer, and China Aviation Industry Corporation II (AVIC II) will provide another five billion yuan.
Other state-owned Chinese firms, including the parent groups of Aluminum Corp of China Ltd (Chalco), Baoshan Iron & Steel and state oil trader Sinochem International will invest one billion yuan each.
May 11, 2008 in Brief | Permalink | Comments (1) | TrackBack (0)
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Posted by: NCyder | May 14, 2008 at 08:32 AM
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No way I am getting in one of their planes until their top Comm. party people fly them exclusively.