China Unveils Jumbo Jet Company

Chinese state media says Beijing has established a company to manufacture passenger jumbo jets.

The Xinhua news agency says the Commercial Aircraft Corporation of China was established in Shanghai Sunday.

Xinhua said the company will be responsible for researching, developing, manufacturing and marketing large passenger aircraft.

The news agency said the central government and China's two largest aircraft manufacturing and servicing companies are among the major shareholders.

The company was launched with capital of $2.7 billion.