China Starts Building Jumbo Jets
China unveiled its first jumbo jet aircraft company on Sunday in Shanghai. The "Commercial Aircraft Corporation" (CACC) will build large China-made passenger aircraft, and has received an initial financial injection of RMB19 bn, state media reports. The Shanghai Municipal Government will pay one-third of the total investment. Earlier this year, China said it plans to develop a 150 seat passenger aircraft. In the long run, the government hopes CACC will eventually compete with Airbus and Boeing.
Inflation Control More Important Than Growth
Zhou Xiaochuan, Governor of the People's Bank of China, said at a forum in Shanghai that China's monetary policy "must target inflation over growth and employment", state media reports. It is expected thatinflation for April will slightly rise to 8.5 per cent, up from March's 8.3 per cent. Zhou also said that trade accounts for more than 60 per cent of the country's GDP; a number that the government wants to reduce.
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