Shanghai Daily: Business - shanghaidaily.com
CHINA unveiled its first passenger jet this afternoon. China Aviation Industry Corp I, the nation's biggest plane maker, showcased its first ARJ21 or Flying Phoenix regional jet at the Shanghai Aircraft Manufacturing Factory today. The mid-size, short-haul airliner's maiden flight is scheduled for March 2008 and its producer and designer, China Aviation Industry Corp I, plans to deliver the planes to customers by September 2009. The jet, which can seat 90 passengers, has received 71 orders from domestic airlines and aircraft leasing companies. The ARJ project, which dates back to early 2005, is seen as a precursor to China building its own jumbo jets. Development costs totaled six billion yuan for the Flying Phoenix. The ARJ21 will share profits with Canada-based Bombardier Inc and Brazil-based Embraer SA in the world's fastest-growing aviation market.