China invested $2.7 billion to set up a jumbo aircraft company Sunday as a national strategy to lift the country’s technological competence, according to Xinhua News Agency:

China’s first ever jumbo passenger aircraft company was officially inaugurated in Shanghai on Sunday.

The company, named Commercial Aircraft Corporation of China Ltd.(CACC), will be responsible for researching, developing, manufacturing and marketing the made-in-China large passenger aircraft.

The CACC has a registered capital of 19 billion yuan (2.7 billion U.S. dollars). The State-owned Assets Supervision and Administration Commission alone invests 6 billion yuan, becoming the biggest shareholder.