BEIJING -- China's first ever jumbo passenger aircraft company was officially inaugurated in Shanghai on Sunday.
The company, named Commercial Aircraft Corporation of China Ltd.(CACC), will be responsible for researching, developing, manufacturing and marketing the made-in-China large passenger aircraft.
The CACC has a registered capital of 19 billion yuan (2.7 billion US dollars). The State-owned Assets Supervision and Administration Commission alone invests 6 billion yuan, becoming the biggest shareholder.
Shareholders of the new company also include China Aviation Industry Corporation I (AVIC I), the country's largest aircraft producer, and China Aviation Industry Corporation II (AVIC II).
Zhang Qingwei, minister of then State Commission of Science, Technology and Industry for National Defense, was appointed as the company's board chairman.
Establishment of the company was approved in February 2007 by the State Council, China's Cabinet. This was to make the country capable of building aircraft with a take-off weight of more than 100 tonnes, or planes with more than 150 seats.