(Yicai Global) Aug. 29 -- Aluminum Corporation of China, known as Chinalco, and the municipal government of Chongqing agreed to form a high-end aluminum joint venture that aims to become a globally competitive supplier.

Beijing-based Chinalco and the southwestern city will own 65 percent and 35 percent of the new firm that will mainly supply the aerospace, rail transit, shipping and light vehicle industries, online news outlet The Paper reported, citing a deal that was signed today. The report did not provide details on investment and production volume.

The agreement gives full play to Chongqing as a major city in China's western region, promotes the use of cutting-edge tech in the high-end market and supports the industry's progress into the top end of the aluminum value chain, Chinalco said.