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00:00:00
>>
APPLAUSE
>> China and Russia teaming up to challenge the world's aviation giants. This week, kick starting a project to build a big commercial jet to compete with the likes of Boeing 787 and Airbus 350. The new jet, which doesn't have a name yet, would seat nearly 300 passengers.
00:00:19
And be able to fly the distance between Hong Kong and Los Angeles, about 7,500 miles. The Russians say it should be up and flying by 2028, although Reuters Brenda Goh says not all industry insiders are convinced.>> Western analyst believe that the timeline made up by the JB is quite ambitious.
00:00:37
And going in Airbus planes are so developed that it will be hard to catch up with them in the short run. However, they also admit that the people throwing the most money into developing an aircraft suitable to compete with Boeing and Airbus is the Chinese. And in the long run, act as the most credible competitor to the US and Europe.
00:00:56
>> China has ambitions of becoming a world leader in aviation, and has spent billions of dollars trying to get there.>> This development come as China has been plotting a lot of money into expanding his home chrome air craft business, last month it launched the C9191 on it's maiden flight.
00:01:14
And the setup of this company takes it closer to that step of creating a higher manufacturing industry for aviation.>> The new project will have a research center in Moscow, but the headquarters and assembly line will be in Shanghai, which experts see as a sign that the joint venture is essentially under China's control.
00:01:32
Project managers claim the new jet will be up to 15% cheaper to run, compared to a Boeing or Airbus plane, but so far aren't saying whether it will be any cheaper to buy.