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A state-level civil aviation industrial supporting base will be established in Shanghai Lin’gang Development Zone, according to a framework agreement between the Shanghai Municipal Government and the China Aviation Industry Corporation (AVIC). The first phase of the base will cover an area of 5 square kilometers for aviation enterprises both home and abroad.
The two parties will work together to develop engines for China’s large commercial aircraft.
Speaking at the ongoing Zhuhai air show, Tan Ruisong, executive vice-president of the AVIC, said the two sides had signed an agreement for the establishment of a strategic cooperation framework. The firm will be set up in six months with an initial registered capital of RMB6 billion ($880 million).
Insiders said the joint venture is important to China’s large passenger aircraft program, as at present, domestic engines are not competitive enough for use in the 130- to 200-seat commercial aircraft the country wants to put on market during the 13th Five-Year Plan period (2015-20).
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Source: China Daily