Commercial Aircraft Corporation of China, Ltd. (COMAC) and United Aircraft Corporation of Russia (UAC) held an establishment ceremony for the Long Range WideBody Commercial Aircraft Program joint venture-name as China-Russia Commercial Aircraft International Co., Ltd. (CRAIC) on May 22nd, 2017. The main responsibility of CRAIC is to develop a new generation long range wide body commercial aircraft and take charge of its commercial operation. Under the depth development of China-Russia comprehensive strategic cooperative partnership, the long-range wide body commercial aircraft is a major strategic and pragmatic cooperation between Chinese and Russian enterprises in the field of high-tech development. On June 25, 2016, under the testimony of President Xi Jinping and President Putin, COMAC and UAC have signed a joint venture contract. After the full consultation between the two companies, the companies agreed to establish a joint venture for project cooperation in accordance with the equivalence principle. At present, the two companies have completed the industrial and commercial registration process with a business license. The name of this joint venture is China-Russia Commercial Aircraft International Co., Ltd. (CRAIC), based in Shanghai.