China launches state-owned aircraft engine maker

In its quest to ramp up production of technology on its home soil, China has set up a state-owned aircraft engine maker.

The Aero-Engine Group of China has registered capital of $7.5 billion.

China’s cabinet, Beijing municipal government, the Aviation Industry Corp of China and Commercial Aircraft Corp of China are investing in the company. It combines several smaller businesses and their 96,000 employees to focus on designing, manufacturing and testing aircraft engines.

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