An aviation agreement between Beijing Aviation and Hamilton-based Pacific Aerospace is expected to boost the New Zealand company's manufacturing of planes from 12 a year to 200.
Prime Minister John Key signed the $75 million agreement between Pacific Aerospace and Beijing General Aviation, which follows a move by China to open up its aviation industry to allow private citizens to own planes.
Speaking in Beijing, Pacific Aerospace chief executive Damian Camp said it was a large step for the company.
"We've been around for 65 years and this will be the biggest thing we've done. It's accessing probably the largest aviation growth market in the world. This is the ultimate day."
He said to break into the China it was critical to have a strong partner in China, as well as to base manufacturing there. He said the registered capital of the joint venture was about $75 million. Pacific Aerospace would have a 49 per cent interest in it and its contribution was partly cash and part intellectual property.