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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China plans $1.2 billion helicopter factory AP - Tuesday, January 13 BEIJING - China's main government aircraft company is building a $1.2 billion helicopter factory, a state news agency reported Monday, reflecting Beijing's determination to create a civilian aerospace industry despite a slump in global demand. Aviation Industry Corp. of China is building the factory in Tianjin, east of Beijing, and should produce its first helicopter this year, the Xinhua News Agency said. AVIC deputy general manager Fang Yong said China needs about 3,000 helicopters in the next 20 years but has only about 100 civilian craft, Xinhua reported. The Tianjin factory will include a research and development base, assembly facilities and customer services, Xinhua said, citing Feng Zhijiang, director of the Tianjin Free Trade Zone. China is pressing head with efforts to develop a civilian aerospace industry despite global economic turmoil that has prompted regulators to tell China's own airlines to cancel or postpone aircraft purchases. Last week, AVIC obtained a 176 billion yuan ($26 billion) line of credit from a group of 10 government-owned banks to finance product development and other ventures. AVIC is a co-owner of Commercial Aircraft Corp. of China, the lead company in China's effort to produce large passenger jets to compete with global giants Boeing Co. and Airbus Industrie. China's first commercial jet, a 90-seat model, had its maiden flight in November. The government says it hopes to produce a 150-seat plane by 2014. ___ Aviation Industry Corp. of China (in Chinese): http://www.avic.com.cn Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy CORRECTED - WRAPUP 1-Slowing China auto sales overshadow Detroit showReuters - 59 minutes ago World stocks down as markets fret over US earningsAP - 1 hour 6 minutes ago World markets fall after US unemployment risesAP - 2 hours 8 minutes ago Slovakia fears blackout after power plant fireReuters - 2 hours 16 minutes ago Related Articles: Business UBS shares drop on reports of looming 4Q lossAP - 26 minutes ago Hong Kong shares drop after dismal US jobs dataAP - 29 minutes ago China Southern Air appoints Si Xian Min new chairReuters - 33 minutes ago WRAPUP 4-Ukraine signs gas deal to resume Russian suppliesReuters - 34 minutes ago RPT-CES-Netbooks take center stage at trade showReuters - 35 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Britain's Prince Harry apologises for racist language Israeli troops push deeper into Gaza's main city Is Tintin gay? Cartoon birthday boy dogged by rumours Swiss bank set to announce record loss: report Kate Winslet wins Golden Globe supporting actress View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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