Russian airplane engine maker JSC UEC-Klimov will open its first Chinese headquarters in Taicang, East China's Jiangsu province, the company announced during a video conference between officials from Taicang and Moscow on Jan 18.

With an investment of 30 billion yuan ($4.73 billion), the project will be a wholly-owned foreign entity and focus on the maintenance of helicopter engines.

JSC UEC-Klimov is part of Russia's state-backed Rostec State Corp. In recent years, China and Russia have been deepening cooperation in aircraft projects, among which is the CR929 wide-body airliner.

Taicang has set ambitious plans for its aviation industry during the nation's 14th Five-Year Plan (2021-25) period. In August last year, Taicang released policies to support the industry and set a target of generating 50 billion yuan in annual aerospace output value by 2025.