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Name chosen for China's first jumbo jet firm

(Xinhua)
Updated: 2008-04-01 15:10

China Commercial Aircraft Co is the new name for China's first giant-passenger plane company.

A total of 19 billion yuan ($2.7 billion) would be pumped into the new company, less than earlier reports of 20 billion yuan, Tuesday's Shanghai Securities News cited sources close to the matter as saying.

The central government and the Shanghai government would be the first and second biggest shareholders, investing 6 billion yuan and 5 billion yuan respectively.

China Aviation Industry Corporation I (AVIC I), the country's largest aircraft producer planned to invest 4 billion yuan in cash and production assets, the source said.

According to the newspaper, China Aviation Industry Corporation II and the country's major metal producers, Baosteel and Chinalco, as well as Sinochem Co will each invest 1 billion yuan in cash.

Management of the new company has been chosen, the source said. However, he didn't reveal any names.

According to earlier reports, Zhang Qingwei, minister of the State Commission of Science, Technology and Industry for National Defense would be chairman of the board.

Earlier reports said the company would be set up before May and the State-owned Assets Supervision and Administration Commission would invest on behalf of the central government.

However, spokesmen of both the state assets watchdog and the AVIC I refused to comment on the issue.

The State Council, China's Cabinet, approved the setting up of the giant-passenger plane company in February 2007. This will make the country capable of building aircraft with a take-off weight of more than 100 tonnes or planes with more than 150 seats.