| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

News Main Page 
 
 News
 Irish
 European
 International
 Asia-Pacific Business Week
 
 Analysis/Comment

RSS FEED


How to use our RSS feed

 
Web Finfacts

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Search

News : International Last Updated: Dec 19th, 2007 - 13:17:15


China to develop large commercial aircraft by 2020; Economy will only provide 50% of the jobs required by 24 million new job seekers this year
By Finfacts Team
Mar 13, 2007, 06:50

Email this article
 Printer friendly page

Chinese President Hu Jintao meets delegates to the National People's Congress, China's legislature, currently in session in Beijing Photo: Xinhua

China plans to develop its own large commercial aircraft by 2020 if all goes according to plan.

"We are fairly well positioned for making large aircraft, with sound support from growing national economic strength, technological development and experience in manufacturing," said Liu Daxiang, deputy head of the Department of Science and Technology Development.


The preparation work is going well, Liu, a deputy to the annual session of the National People's Congress in Beijing said.

The regional jet ARJ-21 project, which was launched in 2005, has helped Chinese experts and technicians prepare themselves for large aircraft development, said Liu, an academic of the Chinese Academy of Engineering.

The regional jet under development is expected to come into service in 2008.

However, Liu did not rule out international cooperation in the jumbo project, saying some aircraft and engine parts may be provided by other countries, though China will be its sole intellectual property rights holder.

Liu said the state should work out rules on the development of large civil aircraft "as soon as possible" to ensure the project progresses smoothly.


"A home-made large aircraft may inspire the nation like the manned spacecraft program," said Liu. "The project will also accelerate the technology advance in China's aviation industry and promote the development of secondary sectors."

China began to develop a jumbo aircraft in 1970, only two years after Airbus went into production, but the project was later shelved despite a promising start.

China is forecast to become the second-largest civil aviation market after the US by 2030, with air travel soaring by more than 95 percent in the past five years. It is forecast that China will need 1,600 new airliners by 2020, which will be worth at least US$150 billion, said Liu.

China's Employment Challenge in 2007

China is facing a tough employment challenge this year, given the emergence of more laid-off workers and new job-seekers, said Tian Chengping, Minister of Labor and Social Security, on Tuesday.

Enterprises that are undergoing reforms, will lay off more workers, who have difficulties to find new jobs, Tian said at a press conference held on the sidelines of the annual session of the National People's Congress (NPC).

Moreover, about 4.95 million students will graduate from universities to enter the job market this year and rural surplus labourers will continue to swarm into cities for work, Tian said.

As steps to alleviate the employment strain, the government will further boost economic development to create more jobs and carry out relevant fiscal, tax and financial policies to promote employment, he said.

The government will also strengthen training for all kinds of job seekers and help bridge contacts between job hunters and employers, he added.

Last year, more than 11.8 million urban residents got new jobs, hitting a record high, driven by a 10.7% GDP (gross domestic product) rise.

"We will try to help at least 9 million urbanites to find jobs this year," Tian said, adding Chinese cities will have 24 million new job seekers this year.

"To be more optimistic, we will strive to get 12 million urban people to find jobs, if calculating job positions left by new retirees," he said.


© Copyright 2007 by Finfacts.com

Top of Page

International
Latest Headlines
Markets News Wednesday: Stocks deep in red ink across the globe: Asia-Pacific and Europe slump following grim day in New York
Apple launches MacBook Air - the world’s thinnest notebook
Europe suffered a slowdown in labour productivity in 2007; Rich countries face struggle to achieve rises in living standards
Wednesday Newspaper Review - Irish Business News and International Stories
Intel reports 51% rise in Q4 2007 net income but cautious outlook for 2008 sends shares plunging 14% in after-hours trading
Markets News Afternoon: Citi rains heavily on markets in Europe and US - Dublin plunges almost 4%
US retail sales fell in December signalling that consumer spending is under strain; Producer/Wholesale prices rose 6.3% in 2007 - the highest since 1981
Citigroup reported Q4 2007 loss of $9.83 billion; Write-downs and increased credit costs were a massive $22.2 billion
Markets News Tuesday: Citi bad news awaited; Markets fall in Asia-Pacific and Europe; Dollar up from near record low against Euro; Gold price over $900
Hong Kong and Singapore again head Index of Economic Freedom; Ireland gets third ranking
Tuesday Newspaper Review - Irish Business News and International Stories
US Hedge Fund Index shows return of 11.15% in 2007 - More than double the S&P 500 performance
Markets News Afternoon: Stocks rally in US and Europe boosted by positive fourth quarter data from IBM and SAP
IBM reports strong fourth quarter preliminary earnings boosted by Asia, Europe and Emerging Countries
Markets News Monday: Start of US fourth quarter earnings season has investors worried about how banks and brokerages have performed
Monday Newspaper Review - Irish Business News and International Stories
US study says Environmental Factors shaping New Global Economy
Markets News Afternoon: Report say Merrill Lynch will announce $15bn loss next week; Stocks down in US and Europe - Dublin market up; Gold tops $900
US trade deficit increased to $63.1 billion in November
OECD Composite Leading Indicators signal a downswing in all major OECD economies