Foreign and Chinese firms that wanted to enter joint ventures had no way of gauging the counterparty risk of potential partners.

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Next come the joint ventures between private (often foreign) companies and Chinese state-backed entities.

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Under the new agreement, Chinese companies will own at least 51% of the joint ventures, and the foreign joint venture partners will need to provide key areas of technology to even have minority ownership.

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But they also said that China is catching up fast in other areas of civil and military aviation technology, thanks in large part to technology transferred by foreign aerospace companies in Chinese joint ventures.

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