One of China's independently developed ARJ21-700 commercial passenger planes was successfully delivered to its operating airline on May 25, leased from a unit of AVIC International Leasing Co Ltd - based in the Lin-gang Special Area in Shanghai.

An ARJ21-700 passenger plane is inspected in a hanger. [Photo/WeChat account: shlgguanweihui]

It was the first time a passenger plane leasing project took place in the area, which reportedly marked a new level of cooperation between Lin-gang and key aircraft leasing companies such as AVIC Leasing.

Civil aviation is regarded as one of the core industries in the Lin-gang Special Area. It plans to set up a civil aviation industry ecosystem which will integrate designs, research and development, manufacturing and applications – to create an international aviation sector cluster based on the southern part of the Large Aircraft Industrial Park there.

A number of aircraft manufacturing R&D centers and projects have already been established in Lin-gang by Commercial Aircraft Corporation of China Ltd – the producer of the ARJ21 aircraft - and Aero Engine Corporation of China. These are two of the big players in the Chinese civil aviation industry.

In addition, the Lin-gang Special Area is also becoming a hub for aircraft financing as well as being home to the innovative development of new forms of finance and a high-quality financial sector that serves the real economy.

It is expected that aircraft leasing, as an important form of business for the integrated development of aviation and finance, will further open up the area's financial sector and upgrade the capacity of the aviation industry.