|China's Aviation Industry Ready for Lift Off|
|by Tom McGregor||Fri, Nov 16, 2012, 04:43 AM|
The aviation giants - US-based Boeing and French-based Airbus - have held dominant positions as aircraft manufacturers worldwide. Their supremacy seems indestructible and smaller rivals face insurmountable odds to grab a larger market share. Nevertheless, Chinese companies have raised their stakes to compete in the sector.
The Chinese economy is rising rapidly and at a faster pace than the rest of the world. Accordingly, one would expect its aviation sector to enjoy greater success. But Chinese manufacturers have struggled to lift off.
"Comac, China's would-be rival to Airbus and Boeing, has announced 50 new jet orders," according to the Financial Times, "but also admitted it is struggling to get its aircrafts off the ground."
China's aviation companies remain optimistic, despite recent problems, such as delays with meeting production deadlines and hiring scientific and engineering experts for designing aircraft parts on assembly lines in the country. Yet everything seems to be falling into place nowadays and the domestic aviation sector stands poised for liftoff.
The Chinese media is reporting that, "Commercial Aircraft Corp of China Ltd predicted the China market will need 4,960 large passenger aircraft worth $563 billion by 2031, made up of 3,405 single-aisle aircraft, 868 twin-aisle airplanes and 687 regional."
It added, "Aviation Industry Co of China forecast China will have 4,933 new passenger aircraft by 2031, including 4,041 large jet liners and 829 regional jets, and China's fleet will grow to 6,309 aircraft, which is 3.6 times the current fleet."
To read the entire article from the China Daily, link here:
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