PARIS, July 31 -- France-based European planemaker Airbus on Monday said it would set up an innovation and research center in China in order to "support (its) future products and services".

"The new Airbus innovation center, which is tasked with defining the future of flight by identifying the next big change to transform the aerospace sector, will serve to strengthen Airbus' extended innovation eco-system," Airbus said in a press release.

"China's fast-paced start-up culture makes it an ideal place for Airbus to create a new innovation center. Growth has come to China from manufacturing, technology and finance nowadays," it added.

A location will be announced at a later date, according to the statement.

The European aircraft manufacturer also named Luo Gang as the center's Chief Executive Officer. He will be charged of establishing "the center to be fully operational when it officially opens later in 2024," it said.

Luo had a degree in electrical engineering from Tainjin University and an MBA from the London Business School.