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China's Aviation Giant Greatly Reduces Losses in 2000
The China Aviation Industry Corporation I (CAIC I), one of the country's two aviation giants, aims to make ends meet in 2001, following its successful reduction in losses last year from 320 million yuan to 106 million yuan, said president Liu Gaozhuo Saturday, January 13.
Liu also revealed at a working conference here that the corporation's industrial sales in 2000 hit 15.7 billion yuan, up 21 percent compared to that of the previous year, and it will make this year's industrial output value and sales reach 19.2 billion yuan and 17 billion yuan respectively.
According to Liu, the enterprise's business of civilian aircraft has made a favorable turn over the past year, delivering two MD-90 planes and completing a series of subcontracts valued 73 million U.S.dollars, up 38 percent. Its regional aircraft MA60 also enjoyed a good market reputation.
In 2001, the corporation plans to find MA60's foreign buyers and complete a subcontract volume of US$90 million.
One of the country's top 10 military industrial groups, the CAIC I mainly produces warplanes.
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