China to invest US$29 billion is jumbo project
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China will invest CNY200 billion (US$29 billion) in developing its domestic jumbo jet, according to Zhang Qingwei, Chairman of Commercial Aircraft Corp of China.
“We will invest CNY60 billion in the jumbo jet project in the next three to five years, and an overall investment of CNY200 billion is required to finally put the jet on the market,” Zhang was quoted saying in a Shanghai Daily report.
The company, which is 31% owned by China’s central government, will reportedly spend CNY30 billion in research and development of the jet, including engines and airborne systems. The establishment of R&D, customer service and assembly centres will cost another CNY30 billion, Zhang added.
The 150-seat jumbo jet, codenamed C919, is part of the country’s aim to become a world-class plane maker, competing with the European and US giants, Airbus SAS and Boeing Co. An initial design of the jet has been completed and the aircraft is scheduled to make its maiden flight in 2014, with deliveries starting from 2016.
According to the report, a jumbo jet is defined as a plane with more than 150 seats or a payload over 100 tons.
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