China's answer to Airbus and Boeing has arrived

The Commercial Aircraft Company of China, or COMAC, rolled out its new C919 medium-range airliner. The twin-engined jet is China's answer to industry stalwarts, such as the Boeing 737 and the Airbus A320.

The medium-range jet market is basically a duopoly split between Airbus and Boeing. However, the China aircraft maker is confident there's room for a third player in a global market that industry observers believe will have demand for 2,500 jets over the next 20 years.

But COMAC will also have to overcome the stigma of being a newcomer, from a country not yet noted for commerical airline manufacturing.

The Shanghai-based airplane maker introduced its new plane in a large ceremony at the company's production facility, located just north of the city.