Shenyang Aircraft Corportation Expands BusinessThe Shenyang Aircraft Corportation, a major military and civil aircraft manufacturer in Northeast China, has set ambitious goals for the next five years.The company, China's largest producer of fighter jets, expects its overall sales of military and civil aircraft to grow by 24 per cent a year in the next five years. Other optimistic annual growth goals in the conglomerate's five-year blueprint include a 30 per cent industrial output growth and a 37.5 per cent pre-tax profit rise. Details of its military products are classified secrets. The company is well known for its fighter planes which are used by China's airforce and has grown from a small fighter jet factory 50 years ago to a conglomerate with businesses ranging from the production of military aircraft and passenger planes to related parts. General Manager Li Fangyong said reforms that helped the company branch into the civil industry and forge co-operative and trade ties with foreign jet makers nearly two decades ago ushered in a new era for the group. It now has 6,800 staff. The sale of non-military products soared to 570 million yuan (US$69 million) in 2000 from 1979's 660,000 yuan (US$79,500) while fixed assets grew to 2.6 billion yuan (US$313 million) by the end of 2000. A management reshuffle at the beginning of the year paved the way for further reform that aims to establish a modern enterprise with a good range of products and increased profitability, Li said. |
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