10b yuan aviation industrial park for NE China

State-owned Aviation Industry Corporation of China (AVIC) will invest 10 billion yuan ($1.48 billion) to build an aviation science and technology industrial park in Changchun, capital of Jilin province, caijing.com.cn reported Monday.

AVIC and the provincial government of Jilin in northeast China signed a strategic cooperation framework agreement Sunday, according to the report.

It is expected to take five to 10 years to build the park, which will gradually grow into an industrial base in aviation science and technology focusing on airplane engine parts, auto parts, alternative energy, new materials, electric cars and general-purpose airplanes. The park is expected to generate an output of 100 billion yuan by 2020, the report said.

The first phase of the project will occupy a planned area of one million square meters, it said.
(Source:chinadaily)