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SHANGHAI : China's new aerospace firm charged with building jumbo-jets will pose no threat to Airbus and Boeing for 20 years and will require the help of foreign technology, state press reported Monday.
The launch of the Commercial Aircraft Corporation of China on Sunday has the backing of the top level of government, with Premier Wen Jiabao underscoring the need for the country to pursue independent innovation.
"China should by all means conduct overall design and final assembly of large aircraft by itself," the official Xinhua news agency quoted Wen as saying.
There was no indication in the media report about when the company would build its first plane.
Despite its goal of eventually challenging Airbus and Boeing, the global giants of commercial aviation, fulfilling the ambition will take time, said Jin Zhuanglong, president of the new aerospace group.
"China's jumbo jet program will not pose a threat to Boeing and Airbus, at least in the coming 20 years," Jin said in Monday's China Daily, an English-language paper whose readership is aimed at the foreign community.
"Even when China has the capacity to produce large jets it would be able to meet only a small part of domestic demand. Boeing and Airbus will continue to claim a big chunk of the Chinese market."
China would also be looking to overseas firms to invest in the majority government owned company, which has 19 billion yuan (2.7 billion dollars) in start-up capital.
"We welcome foreign suppliers, and will purchase engines and other on-board systems and facilities from them," Jin said.
According to the paper, Airbus and Boeing, as well as other major global aviation parts suppliers, General Electric, Honeywell and Bombardier have expressed some sort of support for the project.
The long-expected launch of the large passenger jet firm follows the announcement early last year to develop a 150-seat passenger aircraft, aimed at competing against planes made by Airbus and Boeing.
China has already started building a mid-range 70-90 seat aircraft called ARJ-21, although the jet has met with systems problems, derailing its maiden flight by six months.
- AFP/vm
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