China's first jumbo passenger aircraft company, which was a major part of the nation's large jet program, was officially launched in Shanghai earlier this month.

Vice-Premier Zhang Dejiang said at the inauguration ceremony that the large jet program will improve China's independent innovation capabilities and to meet the needs of the rapidly expanding domestic civil aviation market.

The new jumbo jet company, China Commercial Aircraft Co., has registered capital of 19 billion yuan (about 2.7 billion U.S. dollars), with the central government and the Shanghai government among the major shareholders, according to Xinhua News Agency's report.

Shareholders of the new company also include China Aviation Industry Corporation I (AVIC I), the country's largest aircraft producer, and China Aviation Industry Corporation II (AVIC II).