Commercial Aircraft Corporation of China,Ltd. (CACC) announces its formal kick-off on May 11 in Shanghiai, Xinhua reports. The company is approved by the State Council and is owned by the State. The new company has an equity of 19 billion yuan (US$2.71 billion) It is responsible for the development and manufacture of large commercial aircrafts. Zhang Dejiang, deputy premier and member of politic-bureau, attended the opening ceremony.
Source: Xinhua, May 11, 2008