No one interested in Chinese aviation history is likely to forget that, at the ceremony for the founding of New China on Oct 1, 1949, only 17 aircraft were available for a flyover in Beijing - all of them captured from enemy forces during the war.

But, 60 years later, at the National Day parade in the same city, the flyover featured 151 warplanes, from the latest fighters to early warning aircraft - all of them ingeniously developed.

Thanks to this progress, Lin Zuoming, president of the Aviation Industry Corp of China (AVIC), has vowed to "straighten the back of aviation through independent innovation".

Lin is confident and has said that, based on the technological development, industry infrastructure, and human resources gathered over the last six decades, the country will succeed in its jumbo jets, regional jets and aircraft engines.

But as it turns out, core aviation technology could not be purchased with money, the solitary way leading to it is through independent innovation, said Lin, adding that at AVIC, innovation will always drive growth.

Lin said that the world's major powers are all strong in aviation, and that the national rejuvenation must make aviation development a priority. This, in turn, will contribute to the shift in the economic growth mode.

Lin made remarks in an article published on the latest issue of the Qiushi Journal, an influential Beijing-based magazine, on the eve of the Chinese aviation industry's 60th anniversary.

"China's aviation industry will do everything it can to meet the country's economic and social development needs as well as national defense needs," Lin added.

This strategic industry, often described as "the flower of modern industry", can improve economic growth, perfect the industrial structure, and drive science and technology, he said.

AVIC plans to use its resources to make breakthroughs in key projects like the jumbo jet and the ARJ21 regional jets.

It will particularly develop a series of engines for both civilian and military use, during the 12th Five-Year Plan period (2011-2015), Lin said.

Earlier this month, AVIC revealed that it would invest 10 billion yuan ($1.53 billion) on developing high-performance aircraft engines.

"This will be our biggest single investment," Lin was quoted by Xinhua News Agency as saying, on April 11.

He pointed out that engines are Chinese aviation's only bottleneck.

The United States, Russia, Britain and France can independently develop advanced aircraft engines, he continued.

According to the Xinhua report, experts say that the research and development cycle of each type of engine could be five to 10 years, and the payoff period, as long as 30 years.

AVIC established the AVIC Commercial Aircraft Engine Co at the beginning of 2009 to produce engines for the C919, a large, domestic aircraft with about 150 seats.

This is the country's first jumbo jet and is expected to go into service in 2016, according to sources at the Commercial Aircraft Corp of China, which is partly funded by AVIC.

China's aviation industry actually got its start on April 17, 1951, with the Aviation Industry Administration Commission.

The industry underwent a series of reforms leading, eventually to AVIC I and AVIC II, the two leading State-owned aircraft manufacturers.

These then merged to create a new company in November 2008 to "consolidate and strengthen the country's aviation manufacturing abilities".

It has produced the J-10, the third generation fighter jet with more advanced aerodynamics and controls, and MA60, a turboprop regional aircraft that debuted in 2008.

AVIC made the Fortune Global 500 list in 2009, at 426th place, but was up at 330th last year.