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Beijing: China has established a company to start making passenger jumbo jets, Chinese state media reported on Sunday.
The Xinhua News Agency said that China Commercial Aircraft Co. was established in Shanghai with registered capital of $2.7 billion.
The plan marks a step forward in China's long-term quest to design and build large aircraft, making it less dependent on Boeing Co. and Europe's Airbus.
The central government and Shanghai government are among the major shareholders, as are China's two main aircraft manufacturing and servicing companies, Xinhua said.
Xinhua said Commercial Aircraft Co. will be able to make planes with more than 150 seats.
The jet has yet to make its maiden flight, but AVIC I already has received 181 orders from Chinese carriers. A memorandum of understanding has been signed with GE Capital Aviation Services on a possible order for five jets, which would be the first sale to a major foreign company.
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