China, Russia in US$20b project to develop long-haul jet
The joint venture, to be set up in Shanghai this year, will develop a 280-seat wide-body plane
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Shanghai
CHINA and Russia will invest up to US$20 billion to develop a long-haul wide-bodied jet, reports on Thursday and a company statement said, as Beijing seeks to challenge leading Western manufacturers Boeing and Airbus.
The hugely ambitious plan was first agreed between the Commercial Aircraft Corporation of China (Comac) and Russia's United Aircraft Corporation (UAC), whose products include the Sukhoi Superjet 100, in June when Russian President Vladimir Putin met his Chinese counterpart Xi Jinping in Beijing.
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