China to make jumbo jets in 10 years

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BEIJING, April 10 (UPI) -- China's plans to build jumbo jets will take about 10 years and will initially target China's domestic market, a Chinese state aviation official said.

"But the ultimate aim is to compete with Boeing and Airbus on the international market," said Jin Qiansheng, deputy director of the administrative committee of the Xi'an Yanliang State Aviation High-Tech Industry Base.

China plans to make the passenger jets with more than 150 seats and freighters with a takeoff weight of more than 100 tons in Shanghai and in the central China Shaanxi provincial capital of Xi'an, the official Xinhua news agency reported.

China Aviation Industry Corp. I -- the country's leading military aircraft maker viewed as a key jumbo jet developer -- said Sunday it established a finance arm with initial capital of $129 million to fund future development.

Chicago-headquartered aerospace and defense corporation Boeing Co. has said it takes China's potential challenge seriously.