A ceremony was held in Shanghai on Friday to celebrate the establishment of Silkwings Jet, the first business aviation joint venture between Chinese and French investors. [Photo provided to chinadaily.com.cn]

Silkwings Jet, the first business aviation joint venture between Chinese and French investors, was officially established on Friday in Hangzhou, Zhejiang province, and the corporate jet operator is hoped to serve as a silk road in the air, said its executives.

Different from conventional operation, the Hangzhou-based JV will adopt a jet sharing program mode that provides tailor-made private flight solutions according to the varied requirements of their customers.

"Silkwings Jet is targeting the shared ownership business aviation market, a choice that will provide future owners of these aircrafts with the highest level of service, at an optimized cost," said Joan Valadou, Consul General of France in Shanghai.

"By sharing the cost with more people, you do not have to be a millionaire to enjoy the safe and efficient service of business jets," said Wei Yan, vice-chairman and partner of Silkwings Jet.

Given the similar economic scale of China and the US, the gap means great market prospects for business jet consumption, added Wei.

A ceremony was held in Shanghai on Friday to celebrate the establishment of Silkwings Jet, the first business aviation joint venture between Chinese and French investors. [Photo provided to chinadaily.com.cn]

Currently, only about 600 business jets are in operatation in China, and the figure is projected to reach 3,000 by 2040, according to a report by Aviation Industry Development Research Center of China.

COVID-19 has severely impacted the global civil aviation industry, but the corporate aviation market bucked the trend with growth thanks to its features including better safety, efficiency, and privacy, said Franck Dubarry, chairman of the Silkwings Jet, who believed the Silkwings Jet company will be one of the major players in Chinese Asian business traveling.

Under the partnership established between Silkwings Jet and Dassault Aviation,the Silkwings Jet will mainly operate a fleet of Dassault Falcon Jets.