China establishes company to make its own jumbo jets

uscitizen

uscitizen

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China establishes company to make its own jumbo jets

Sunday May 11, 12:12 AM EDT

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.

http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d90j75uo2&date=20080511
 
China has a history of taking almost crazy steps to prevent sending money to foreigners.

They invented the China Video Disc because people would have to pay royalties for use of the DVD. Of course, the CVD was basically just a rehash of the VCD (not near the quality of the DVD), and they made it cheaper by stealing the encryption codec from a random company in their empire, but that's the chinese way.
 
why shouldn't they build thier own planes, they graduate more engineers than we do. I know USC doesn't believe in college, maybe that's his point.
 
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