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November 22, 2008 3:48:27 AM CST

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China Plunges Into Commercial Aviation

Posted May 12, 08 8:45 AM CDT in World,  Business 

(Newser) – Hoping to meet the demand of its burgeoning airline industry, China has launched a commercial aircraft manufacturing company with $2.7 billion in seed money, reports the BBC. China Commercial Aircraft should help the country rely less on Airbus and Boeing as its passenger industry expands. Chinese airlines will need 2,650 additional aircraft in coming years, experts say.

"They might be able to establish a presence in the business over the next 10 to 20 years if they nurture it with government cash and gradually offer shares to the private sector," said an aviation analyst.

Source BBC

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The Xiangfeng, or "Flying Phoenix," is towed into a hangar at the Shanghai Aircraft Manufacturing Factory.   (AP Photo)
China's first home-grown regional jet, the ARJ21-700, rolls off the production line.   (AP Photo/Xinhua, Pei Xin)
China's first home-grown ARJ21-700 regional jet "Xiang Feng" (Flying Phoenix) is unveiled during a ceremony at the Shanghai Aircraft Manufacturing Factory.   (AP Photo/Color China Photo)
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