He added: ‘The central government will fund less than a third of the R&D investment and the rest will come from public capital.’
The 150-seat jumbo jet, codenamed C919, is part of the country’s aim to become a world-class plane producer with a lineup of globally competitive products.
All facets of the process — from design to sourcing and production — will be done in China, as the project aims to reduce the country’s reliance on overseas firms such as Boeing and Airbus.
An initial design of the jet has been completed and the aircraft is scheduled to make its maiden flight in 2014 and is expected to be delivered to customers by 2016.
Shanghai Daily says it may be equipped with foreign-made engines for the maiden flight as the country still needs time to make breakthroughs in some key technologies, including engines and composite materials.
According to a note in the new story a jumbo jet is defined as a plane with more than 150 seats or a payload over 100 tons. Research does not show who made that definition. It is not widely accepted.