Airplane JV firm to takeoff on Sunday

After more than a year of preparatory work, a joint venture company will be launched on Sunday in Shanghai to develop and build the country's first large airplanes, the Shanghai Securities News reported yesterday.

The aim of China Commercial Aircraft Co Ltd will be to manufacture passenger jets with at least 150 seats, enabling it to compete with Boeing and Airbus in the fast-growing aviation market.

Its first aircraft are scheduled for takeoff by 2020.