China's AG600 large amphibious aircraft gets financial-leasing support

BEIJING - The development of China's AG600 large amphibious aircraft has gained support from the financial-leasing sector, the Aviation Industry Corporation of China (AVIC) announced Thursday.

China Aviation Industry General Aircraft Co Ltd, a subsidiary of AVIC, signed a strategic cooperation agreement with Everbright Financial Leasing Co Ltd on Thursday to jointly boost research and development of the AG600 and its future operation, said AVIC.

According to the agreement, the two sides will explore innovative financial plans to support further research on the AG600, as well as purchasing the first batch of aircraft products.

Both sides will also explore building an innovative industry-finance community to boost the country's aviation emergency-rescue system, said the agreement.

The move represents a major step forward for the AG600 in entering the market and playing a role in the country's emergency-rescue system.

The two sides will hold further discussions on the leasing plan for the first batch of AG600 aircraft and the signing of the purchase agreement, said AVIC.

They will join efforts in exploring the integration of industry and finance, actively carry out business-model innovation, and fully promote "independent innovation" activity, with the aim of boosting the development of the AG600 and its related industrial chain, AVIC added.

Codenamed Kunlong, the AG600 is a key piece of aeronautical equipment in China's emergency-rescue system.

As a model of special-purpose aircraft, the AG600 has been developed by AVIC to meet the needs of firefighting and marine-rescue missions, as well as other critical emergency-rescue operations.

The AG600 successfully completed its maiden flight in 2017, its first take-off from a water reservoir in 2018, and its maiden flight over the sea in 2020.

For 2022, the AG600 project has set a target of seeing three new aircraft enter the final assembly phase and three aircraft to take maiden flights, according to AVIC.