(Yicai Global) Jan. 31 -- China's aircraft carrier, the Type 001A, completed a number of milestone construction projects ahead of schedule last year, with the annual goal of its total construction volume overfilled, China Shipbuilding Industry Corporation (CSIC), a state-owned major shipbuilding group, announced.

Type 001A aircraft carrier, the first China has made from scratch, completed major projects such as launching, moving and park testing ahead of schedule last year. The permanent magnet motor with independent intellectual property rights has completed the first-time loading application and achieved one-time moving success, CSIC said at a press conference yesterday.

Type 001A, China's first self-designed, built and assembled aircraft carrier after the successful conversion of the Russian cruiser Varyag into Liaoning Aircraft Carrier, has a cost of USD3 billion and is expected to go into full service by 2020.

CSIC also revealed its operating performance for 2017, recording CNY308.5 billion (USD49 billion) in turnover, an increase of 10.2 percent year-on-year, and CNY36.8 billion in net profit, up 16.2 percent. The company comes in 233rd place in Fortune Magazine's Fortune 500 companies list, up 48 places from the previous year.