Manufacturers
Beijing launches $7.6 billion engine manufacturer
September 2nd 2016
In its latest effort to develop home-grown high-tech firms to compete internationally, Beijing has now officially set up Aero-Engine Group of China, a state-controlled aircraft engine maker to tackle Rolls-Royce, Pratt & Whitney and CFM International. Read More »
Aero-Engine Group of China will have a registered start-up capital of 50 billion yuan ($7.6 billion). The Chinese government, Beijing municipal government, the Aviation Industry Corp of China (AVIC) and Commercial Aircraft Corp of China (COMAC) are investors, combining a number of smaller businesses and their 96,000 employees to focus on designing, manufacturing and testing of commercial and military engines.
AVIC makes military jets and helicopters, while COMAC produces the ARJ21 and the long-delayed C919, which is now scheduled to have its maiden flight towards the end of this year.
China’s president, Xi Jinping, called the formation of the Aero-Engine Group of China a "strategic move" aimed at developing China's reputation as a global aviation power, said Xinhua News Agency.
