The joint venture's first aircraft will be built this year from parts imported from New Zealand. Capacity to produce components and a complete plane will follow by March 2017, Beijing General Aviation said.

Aviation industry awaits opportunities

Top 10 most commonly sold commercial planes

"The P-750 is a multipurpose aircraft and our sales target is 20 confirmed orders in 2014," said Mao Hai, vice-president of Beijing General Aviation.

The manufacturer also expects 200 optional orders by the third quarter of 2014, Mao said, and forecast domestic demand of about 400 such airplanes by 2015.

Beijing General Aviation also will develop in other general related sectors, such as operation, training and maintenance.

Other Chinese companies may enter the aviation industry as a ban on general use of low-altitude airspace is to be further lifted this year.

"We will see more Chinese enterprises look for partnerships worldwide and explore the Chinese market together," said Gao Yuanyang, director of the General Aviation Industry Research Center at Beihang University in Beijing.

Gao said China won't only be a leading general aviation market globally but an important part of the airplane manufacturing chain.

China's general aviation market will grow an annual 22 percent after 2015, data show from IFC International Inc, a US technology, management and policy-consulting firm.  

Direct currency trading begins with New Zealand	Top 10 overseas travel destinations for Chinese riches