China recently unveiled its domestic passenger jet C919 at an airshow. The narrowbody aircraft took off from the runway at China International Aviation and Aerospace Exhibition and circled through the southern city of Zhuhai before touching down in front of hundreds of onlookers.
Meanwhile, seven leasing companies from China have reportedly signed firm orders to buy 300 new C919 planes and 30 ARJ21 aircraft with the Commercial Aircraft Corporation of China (COMAC) during the Zhuhai Airshow 2022, reports the Global Times.
The leasing companies include China Development Bank Leasing, ICBC Leasing, CMB Financial Leasing, BOCOM Leasing, CCB Financial Leasing, SPDB Financial Leasing, and Jiangsu Financial Leasing, with the top five companies each buying 50 C919 planes, according to sources.
The Commercial Aircraft Corp of China (COMAC) has manufactured the C919 to challenge the foreign aircraft manufacturers like Airbus and Boeing. The C919 has 158-168 seats and a range of 4,075-5,555 kilometers, the same capacity as the popular Airbus A320 and Boeing 737 planes. China is also pinning its hopes on the fact Chinese aviation industry will now depend less on foreign technology, due to its strained ties with the west.
The Civil Aviation Authority of China (CAAC) approved the C919 in September 2022, with President Xi Jinping showering praises on the aircraft calling it a massive achievement. The domestic operators have shown wholehearted support for the new aircraft although it is yet to be certified by US and UK regulators.
COMAC recently said it has over 800 firm orders for the C919 placed by dozens of customers. China Eastern has acknowledged incorporating five C919s into its fleet. The new planes will be used on routes from Shanghai to Beijing, Guangzhou, Shenzhen, and Chengdu, according to the airline.
According to the report released by COMAC, the Chinese aviation market will add 9,284 aircraft in the next 20 years. By 2041, China's national fleet will reach 10,007 planes, accounting for 21.1% of the global passenger aircraft fleet. The report also added that the Chinese aviation market will become the largest single aviation market in the world.
Sources have revealed that the aircraft will enter commercial operations in Q1 of 2023.
Last week, China placed a firm order with Airbus for aircraft deliveries worth $17bn during German Chancellor Olaf Scholz’s visit.
The Boeing 737 MAX has been grounded in China since 2019 after two fatal crashes.