Chinese aerospace giant AVIC makes it to Fortune 500

10 Jul 2009

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Chinese aerospace and defence giant, AVIC, has made it to Fortune's Global 500 list for the first time, coming in at 426. It was placed ahead of Bombardier.

The Aviation Industry Corporation of China, to give it its full name is the country's leading aircraft manufacturer with sales revenue of $21.738 billion and profits of $568 million.

In the field of aerospace and defence, it came in as the eleventh largest.

"It is for the first time that a Chinese aerospace corporation has been listed on the Fortune Global 500. It will be a new mark for us... Our goal is to achieve sales revenue of 1 trillion yuan ($146.36 billion) by 2017," AVIC president Lin Zuoming said yesterday.

Industry observers said AVIC's listing is significant as it belonged to the hi-tech aerospace sector, whilst all previously ranked Chinese companies were mostly from the resources, telecommunications and finance sectors.

AVIC is a merged entity, established after merging two leading State-owned aviation manufacturers AVIC I and AVIC II.

Overall, 37 corporations from China have been listed on the Fortune Global 500 this year, with 34 from the mainland and three from Hong Kong.

Nine of the 34 mainland corporations are on that list for the first time.

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