ChinaDaily
Aviation Industry Corp of China (AVIC) has set an ambitious timeline of 20 percent annual growth to reach sales of 1 trillion yuan by the end of 2020.
To spur the ascent, it plans to implement further reform toward market-oriented management and accelerate integration of subsidiary companies.
It will also attract more funding from capital markets and boost its foreign presence.
In addition to further integration in the international market, the aviation giant plans strengthened efforts in central, western and northeast China - the nation's strategic development regions - to further cement its crucial place in the aviation industry.
The evolution of the company is the result of reforms approved in 2008 by the State Council.
Just three months after the decision, the State-owned Assets Supervision and Administration Committee announced the establishment of AVIC.
It was the latest move in a manufacturing sector that first began international efforts in the late 1950s.
By the 1970s, the country had provided nearly 1,000 planes and accessories to 16 foreign countries as free aid.
China then started to integrate itself into the wider international market.
China's airplanes have an increasingly high reputation and its aviation sector now exports products and expertise to 13 countries in Asia, 11 in Africa and five in the Americas and Oceania.
The industry uses diverse models for cooperation such as a $1 billion contract in 2009 between AVIC and Pakistan for 42 FC series aircraft.
It adopted a commercial partnership with Brazil to jointly produce the ERJ145 regional jet.
AVIC also has partnerships with France and Singapore for research into the EC120 helicopter.
The number of its subcontracted and manufacturing projects with renowned foreign aircraft manufacturers has doubled over the past six years.
AVIC's subsidiaries now make hatch doors in Chengdu, wings in Xi'an, aircraft tails in Shenyang, composite materials in Harbin and engine parts in Xi'an - all of those production bases boast competitive strength.
