In addition, Embraer has a joint venture with China Aviation Industry Corporation II.

ECONOMIST: A new breed of multinational company has emerged

China's aviation industry has learnt a lot from making increasingly sophisticated parts for Boeing and Airbus over the past 20 years.

ECONOMIST: Aviation

Airbus and Boeing do not have much to worry about yet, but China's aviation industry is developing rapidly and the goal of building a wide-bodied airliner is not out of the question.

ECONOMIST: Aviation in China

Still, the Aviation Industry Corporation of China is far from well-known, even in China.

FORBES: Name You Need to Know: Aviation Industry Corporation of China (AVIC)

Late last year, a domestic order of 50 Chinese-built C919 commercial jets provided further evidence of China's growing stake in the aviation industry.

CNN: China's new super cargo jet takes to the skies

Little is known about the Y-20, with a China Daily report stating the aircraft is believed to have been developed by the Xi'an Aircraft Industry, a subsidiary of Aviation Industry Corp. of China, the major military aircraft manufacturer.

CNN: China's new super cargo jet takes to the skies