Chinese Launch Ambitious Passenger-Plane Plans
STEVE INSKEEP, host:
NPR's business news starts with aircraft makers facing new competition.
The competition is coming from China. Last night, officials in Beijing announced plans to set up a state-owned company to build airplanes for more than 150 passengers each. It could take years before the first Chinese jumbo jet takes off, but the move was a direct challenge to Boeing and Airbus, which now dominate the global market right now.
China also wants to build planes for its own market for starters, which is already is the world's biggest. Over the next two decades, China is expected to spend hundreds of billions of dollars on aircraft.