Opinion
Comac, a contemporary to the skies
By Wen Jia (Xinhua)
Updated: 2010-02-06 14:45
 |
Large Medium Small |
Let's start with ABC of the world's civil aviation today: Airbus, Boeing and Comac.
Comac? Yes, the Commercial Aircraft Corporation of China Ltd. The two-year-old industry newcomer is sending its C919, an equivalent of A320 and B737, into service by 2016.
In aircraft manufacturing field that requires huge investment, high technology and high risk, the Chinese have had similar dreams with the Russians and Brazilians, the Japanese and Indonesians, the Dutch and Germans, the Swedish and Canadians. Their ventures have reaped limited or negative yields.
The debut of China's first self-designed passenger airplane Yun-10 on September 26, 1980 in Shanghai is forever memorable. Yet the successful maiden flight of Y-10 and the eventful flights over Tibetan plateau were grounded by lack of funds in October 1983. The dream for a large aircraft was again shattered when McDonnell Douglas Corp was taken over by Boeing in 1996 and MD's first overseas assembly line in Shanghai closed after completing only two MD-90s.
The optimism for Comac's bright prospects is based on overcoming past hurdles and globalizing resources rather than releases of long-subdued Chinese passion.
The beginning of Comac in 2008 buried the financial traps that plagued Y-10 by introducing a shareholding corporate structure. Of the 19 billion yuan ($2.78 billion) registered capital, the State-owned Assets Supervision and Administration Commission holds 31.58 percent, Shanghai Guosheng Group Co Ltd takes 26.32 percent, and AVIC I accounts for 21.06 percent. The remaining shares are divided between AVIC II, Baosteel, Chalco and Sinochem.
