Government News
Shanghai FTZ’s Lingang Special Area inks aviation deals for USD3.7 billion 2024-10-17
The Lingang Special Area of the China Shanghai Pilot Free Trade Zone has signed deals worth more than CNY26 billion (USD3.7 billion) with aviation industry leaders.
Fifteen key aviation projects were signed to be based in the Lingang Special Area at the Shanghai Civil Aviation Industry Development Conference on Wednesday. They cover areas such as airframes, composite materials, and onboard systems.
Moreover, the Lingang Special Area also signed a deal with Commercial Aircraft Corporation of China and Shanghai Aircraft Manufacturing on Wednesday to jointly advance the construction of large commercial aircraft.
The Lingang Special Area is striving to create a civil aviation industry cluster with a complete supply chain and comprehensive industrial elements.
In July, Shanghai proposed to add 60 new high-end enterprises along the aviation industry supply chain to reach 150 by 2026, thus adding CNY70 billion worth of new investments. This way, the city’s civil aviation industry would reach a scale of about CNY80 billion.
Thirty key aviation enterprises are expected to put down roots in the Lingang Special Area alone by 2026, reaching 100. New investments are expected to total CNY40 billion.
According to official data, the output value of the civil aviation industry in the Lingang Special Area was CNY12.7 billion last year and is expected to reach CNY40 billion by 2026.
Source: Yicai Global
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