Wheels Up For China's New Aero-engine Group

Wheels up for China's new aero-engine group

BEIJING, (APP - UrduPoint / Pakistan Point News -29th Augst,2016) - China officially launched a new multi-billion Dollar jet engine conglomerate with almost 100,000 employees at the weekend, as Beijing seeks to become an aerospace power and compete with the likes of Rolls Royce and General Electric.

The Aero Engine Corporation of China (AECC) has registered capital of 50 billion Yuan ($7.5 billion), and previous reports said it would incorporate subsidiaries of a series of state-owned firms, including the Aviation Industrial Corp.

of China (AVIC). President Xi Jinping said founding the company was a "strategic move" to make China an aviation power and modernise the military, the official Xinhua news agency reported.