A State-owned helicopter investment firm has been registered in East China's Jiangxi Province in a move to grab a share of the country's growing civil helicopter market.
The State-Owned Assets Supervision and Administration Commission of Jiangxi Province confirmed Wednesday that the company has been registered with 50 million yuan ($7.9 million) in capital. Its inauguration in the city of Jingdezhen is pending.
The commission said the firm was jointly funded by Jiangxi Copper Group, Jingdezhen State-Owned Assets Company, Jiangxi Provincial Investment Group and China Cinda Asset Management Co.
Jingdezhen, China's porcelain production center, is also the birthplace of the CJ-5 primary trainer, China's first domestically made aircraft, which was built in 1954.
The province hopes to take advantage of its aviation heritage to develop the helicopter sector into a new pillar of economic growth in Jiangxi.
The provincial government has mapped out a plan for the new helicopter industry, aiming for an annual production value of 70 billion yuan by 2015.