COMAC to invest 10b yuan in R&D

The Shanghai-based Commercial Aircraft Corporation of China Ltd (COMAC) intends to invest 10 billion yuan ($1.36 billion) annually in research and development in Shanghai in the upcoming three years, along with another 10 billion yuan annually in fixed asset investments in the city, said a senior executive of the company.

Also, COMAC expects annual sales revenue from new aircraft to exceed 10 billion yuan, Qian Zhongyan, who is also a political advisor in Shanghai, said during the ongoing sessions of the city's legislators and political advisors on Thursday.

To drive the large aircraft industry to become a new growth engine for Shanghai's high-quality economic development, Qian suggested the city strengthen planning and support for the large aircraft industry cluster. Drawing on experience from the United States and Europe, he emphasized the importance of long-term planning in promoting the sustainability of the industry.

"I suggested laying down long-term development plans towards 2035 and 2050 at the municipal government level to unify the development of the entire large aircraft industry cluster, outlining clear strategies, phased implementation plans, and necessary support systems to ensure the cluster's safe and healthy growth," said Qian, a member of the team that designed and produced the C919.

"Such an initiative will also contribute to establishing Shanghai as a hallmark of advanced manufacturing," he said.

Qian also suggested diversifying the types and enhancing the scale of enterprises in the local large aircraft industry chain. By 2026, Shanghai is expected to foster more than 60 key enterprises in the high-end segment of the large aircraft industry chain, and have around 150 local supporting suppliers and partners, he said.

He highlighted the successful market entry of the C919 aircraft, with a total of 1,061 orders received. The C909 program is also progressing rapidly, with 160 aircraft delivered and flights to neighboring countries like Malaysia. Moreover, C929 has identified its customers to make the first global launch and is steadily advancing supplier selection both domestically and internationally.