China welcomes jumbo jet company

Published: May 11, 2008 at 3:52 PM

BEIJING, May 11 (UPI) -- China Sunday inaugurated its first jumbo passenger aircraft company, Commercial Aircraft Corp. of China Ltd., officials said.

The company will be responsible for researching, developing, manufacturing and marketing large passenger aircraft with more than 150 seats, the state-run Xinhua news agency reported.

CACC has registered capital of $2.7 billion, the report said. The state-owned Assets Supervision and Administration Commission is the fledgling company's biggest shareholder.

Other shareholders include China Aviation Industry Corp. I, the country's largest aircraft producer, and China Aviation Industry Corp. II.

The company will be chaired by Zhang Qingwei, a former minister of the State Commission of Science, Technology and Industry for National Defense.

Government officials approved the creation of the company in February 2007.

© 2008 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
UPI Sports Calendar for Friday, Nov. 27 (<1 min)
UPI NewsTrack Sports (30 min)
Police ticket Thanksgiving racers (33 min)
NBA: Orlando 93, Atlanta 76 (36 min)
NHL: Ottawa 2, Columbus 1 (49 min)
Colorado to keep Hawkins as coach
NFL: Dallas 24, Oakland 7
fark
Oxymoron headline: Swimmer drowns
Photoshop theme: Inappropriate celebrity product endorsements
Rare Winston Churchill TV screen test to be shown, get more viewers than "The Jay Leno Show"
"Hey kids, Daddy's going to run into the sailing shop and pick up a few things. Why don't you two...
Drug mule claims that he had no idea that the 67 packages he swallowed contained 2.2 lbs of cocaine...
Coed dorms leading to a massive increase in the obvious