Markets

U.S. open in 10 hrs, 22 mins

DJIA

12,992.66

94.28

0.73%

NASDAQ

2,533.73

37.03

1.48%

S&P 500

1,423.57

14.91

1.06%

10yr Note

100.219

0.5312

0.53%

FTSE 100

6,251.80

35.80

0.58%

Nikkei 225

14,363.62

245.07

1.74%

Hang Seng

25,513.77

-19.71

0.08%

Euro (in USD)

1.548

0.00

0.00%

Yen (per USD)

104.65

-0.34

0.32%

Oil

123.85

-0.26

0.21%

Gold

880.00

13.50

1.56%

BUSINESS NEWS

INVESTING

PERSONAL FINANCE

SMALL BUSINESS

China establishes company to make its own jumbo jets

Posted: 2008-05-11 00:14:05

BEIJING (AP) - China has established a homegrown company to make passenger jumbo jets, state media reported Sunday - a step forward in the country's quest to become less dependent on Boeing and Airbus.

China Commercial Aircraft Co. was established in Shanghai with registered capital of 19 billion yuan $2.7 billion, the official Xinhua News Agency said.

It said the 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.

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 Co. will 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 say when a Chinese-developed jumbo jet would be taking off, as it would take a long time to develop homegrown talent and do research.

"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 said.

Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

05/11/08 00:12 EDT

Must Read?

90 %

10 %

11 VOTES

Recent Comments

Post Your Own

1 - 10 of 180

180 comments

WWCHAK 09:26:48 PM May 11 2008

Report This!

If anybody look closely, China is no longer a Communist country anymore, it is more like those capitalistic, Mao's era had been long gone, China communism is not much different then those socialism in Europe. Chinese government no longer control property, food are not rationalized like they used to. Citizens can own their properties, run their own business and make their own money. Communism is just a name they were inherited.

PDB LIZ 08:39:44 PM May 11 2008

Report This!

SAD,,,WE ARE DEALING WITH A COMMUNIST COUNTRY ALSO....
IS AMERICAN ABOUT GONE UNDER.?????

MEXICO IS ALSO TAKING OVER,,,,WITH THE HELP OF OUR OWN GOVERMENT..!!!

PDB LIZ 08:38:03 PM May 11 2008

Report This!

PEOPLE OF THE NET,,,,,,THE AMERICAN GOVERMENT HAS BEEN HELPING CHINA FOR YEARS .....U.S. GOVERMENT HAS PROVIDED IDEAS TO HELP THEM,
AND,,YOU ATE 100% CORRECT ABOUT ,,,MADE IN CHINA......BUY ANYTHING FROM WALMART,,,,HAVE TO TAKE IT BACK SOON,,,IT SHORTS OUT OR IS NO GOOD AT ALL..
I TRY TO FIND TOASTERS,,,COFFE MAKERS AND ECT,,,IN SECOND HAND STORES OR THRIFT SHOPS,,,,WAY BETTER THAN A NEW,,,MADE IN CHINA...
IT ISVERY SAD,,,,OUR COUNTRY HAS STOOPED SO LOW AS TO LET OTHER COUNTRIES ,,PASS US BY,,,,AND,,THEN BORROW MONEY FOR A TAX REFUND .....HOW SAD,,,,,,,,,

Harmon14883 06:33:11 PM May 11 2008

Report This!

I'd eat worms before I'd fly in a Chinese made aircraft.

Mspolletjr 05:20:28 PM May 11 2008

Report This!

CHINA MAKE BE A VERY BAD COUNTRY----BUT THEY DO NOT HAVE WELFARE FOR THE STRONG MINDED AND ABLED BODIED.THAT IS AN ASSET.

Mysticwolf011 04:41:49 PM May 11 2008

Report This!

Throw your coffee makers away.Buy BUNN coffee brewers are proudly made in America

Mysticwolf011 04:19:59 PM May 11 2008

Report This!

Yea buy American Throw your taster away and buy a Viking toaster made in the U.S.A there only $150.00 to $300.00 dollars.

ESBROOMSTICK 03:33:55 PM May 11 2008

Report This!

some say they would never fly on a chinese built airplaine.....you might, someday, and not know it.....there wont be a big sign on it saying "made in china".......one never knows what the future holds in aviation, somewhere down the road.....a reality.....i'm not trying to show partiality in any manner, american aircraft are the best, and will continue to lead.... we have great dedicated, people building them, and dont cut corners in quality aircraft !

WWCHAK 03:26:54 PM May 11 2008

Report This!

Thanks China for inventing paper, compass, silk, fireworks, just to name a few.
People had been copied a lot from them as well, I guess it would be called cultural exchange.
Everybody steal from everybody. Can't complain.

ESBROOMSTICK 03:23:38 PM May 11 2008

Report This!

CRONIN, WE DO OWE CHINA BILLIONS, AND JAPAN, AND BRITAIN, AND THE OPEC COUNTRIES, ACTUALLY 44% OF OUR DEBT IS OWED TO FOREIGN COUNTRIES, INTERESTS.......LETS HOPE THEY DONT WANT THAT MONEY IMMEDIATELY, WE WOULD BE IN TROUBLE.....WE ARE PAYING THAT BACK AT THE ESTABLISHED INTEREST RATE.... AND YES, CHINA IS GREAT AT COPYING THINGS, EVEN AIRCRAFT, AND OTHER WEAPONS, AND MASS PRODUCE THINGS AFTER COPYING THEM...WE HAVE A COPY RIGHT LAW HERE, BUT.....DONT DO ANY GOOD THERE ! IT WOULD BE GREAT IF OTHERS HAD ORIGINAL IDEAS OF THEIR OWN.........

1 - 10 of 180

180 comments