China unveils new aircraft manufacturer

China has unveiled a state-owned aircraft maker that could eventually become a rival to global manufacturers Airbus and Boeing.

Commercial Aircraft Corporation of China is financed by a Chinese consortium, with central government holding the biggest stake.

It will make smaller jets for domestic use but has not ruled out entering the market for large aircraft.

The new company's general manager, Jin Zhuanglong, gave no timetable for making larger aircraft, and said investment and cooperation were not limited to domestic companies.

However, some analysts have expressed scepticism about the commercial prospects of a large jet designed and manufactured entirely in China, given the country's limited experience in big aircraft.

Chinese airlines, which European group Airbus has estimated will need about 2,650 new passenger jets in the next 20 years, have been placing big orders with America's Boeing and its European rival in recent years to help keep pace with rapid economic growth.

Image: China could eventually compete in the global aircraft market

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