(Yicai) Dec. 24 -- Six state-owned enterprises engaged in the airport operation, infrastructure investment, and information technology industries have established a joint venture to promote the development of the low-altitude economy.

Founded on Dec. 20 with a registered capital of CNY900 million (USD123.3 million), Shanghai Low-Altitude Economy Industry Development will become a leader in the building of Shanghai's low-altitude infrastructure, the Shanghai Municipal Commission of Economy and Information Technology announced yesterday.

The six SOEs are Shanghai Airport Group, Shanghai Airport Investment, Shanghai East Hongqiao Investment and Development Group, Shanghai Urban Construction Group, Shanghai Jiushi Group, and Shanghai Information Industry Group.

Shanghai Low-Altitude Economy Industry Development will focus on the construction of low-altitude take-off and landing sites, hubs, and routes, guide social capital to increase investment in the low-altitude economy, and gradually improve the supporting supply chain, the Shanghai Municipal Commission of Economy and Information Technology noted.

Shanghai is home to four leading Chinese electronic vertical take-off and landing startups -- AutoFlight, Vertaxi, TCab Technology, and Volant Aerotech -- which are expected to obtain airworthiness certificates and start commercial operations by 2026, according to the Shanghai Municipal Commission of Economy and Information Technology.

Shanghai plans to establish a complete industrial chain for low-altitude aircraft, from research and development, design, manufacturing, and testing to commercial applications, expected to achieve a scale of over CNY50 billion (USD6.9 billion) by 2027, according to an action plan released by the municipal government in July.

Other regions in China are also accelerating the development of the low-altitude economy. For example, Shenzhen established China's first low-altitude economy development company controlled by a local government in November last year. The Chinese southern city plans to build more than 1,000 low-altitude take-off and landing sites by the end of next year.

Editors: Dou Shicong, Futura Costaglione