Commercial Aircraft Corp. of China announced its first 100 C919 passenger-plane orders, breaking Airbus SAS and Boeing Co.�s stranglehold on the world�s second- largest market for new aircraft.Aircraft, Grains, Empty Crates
General Electric Co.�s leasing arm and China�s big three domestic airlines were among the customers for the 168-seat plane, state-controlled Comac said in a statement issued at the Zhuhai air show in southern China today. It didn�t say how many aircraft each customer ordered.
The development of the nation�s first large passenger aircraft could damp sales for overseas planemakers in China, which may need $480 billion worth of aircraft by 2029, according to Boeing. Comac expects to sell more than 2,000 C919s worldwide over 20 years in competition with Boeing�s 737 and Airbus�s A320, the aircraft-makers� most popular models.
The 70-seat ARJ21, China�s first regional jet, is also due to make its maiden exhibition flight at this week�s Zhuhai show. China will trail only the U.S. in plane orders over the next 20 years, according to Boeing.
Aircraft, grains, and empty crates are among US leading exports to China. With this announcement, you can now safely kiss aircraft goodbye. And if you ever once believed the US was going to quickly double its exports as president Obama proclaimed, you can stop believing that too.
There is nothing inflationary about this announcement. It is guaranteed to cost jobs. Worse yet, more stories like this are coming. We not only exported jobs to China, we also exported technology.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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