Chinese budget carrier, Spring Airlines, signed an investment cooperation agreement with Liangjiang's Northern New Industrial District on Sept 10.

According to the Liangjiang administrative committee, the agreement paves the way for the airline to launch a new branch in the district.

The new branch will receive investment from the Spring Airlines and Chongqing Chunzhiyi Information Technology Ltd. The funding will allow the construction of a research group which will employ 300 people in the next three to five years.

The registered capital of the new company stands at 10 million yuan ($1.57 million). The new branch will focus on the research and development of Spring Airline's products. The company plans to construct an IT service department in the future to provide IT solutions to its customers.

According to Wang Yu, deputy president of Spring Airlines, the company is China's biggest budget carrier and has overseen the research and development of approximately 100 IT systems, including the computer reservation system.

The new company will gradually carry out new business, such as finance leases and cross-border ecommerce in the Chongqing municipality.

Edited by Jacob Hooson