The Beijing government has launched is own state-owned aircraft engine maker called China Aero-Engine Group so as to develop native aerospace technologies, starting with a $ 7.5bn investment and 100 employees. This puts it in direct competition with AVIC second -largest business and most profitable division, GE Aviation . Launched with a CNY50bn ($7.50bn) investment, the new company employs 96,000 people. The company was created out of the merger of Chinese state-owned AVIC 's aircraft-engine businesses and is part of Beijing 's plan to move into higher-tech manufacturing and reduce imports.
The Beijing government has launched is own state-owned aircraft engine maker called China Aero-Engine Group so as to develop native aerospace technologies, starting with a $ 7.5bn investment and 100 employees. This puts it in direct competition with AVIC second -largest business and most profitable division, GE Aviation . The company was created out of the merger of Chinese state-owned AVIC 's aircraft-engine businesses and is part of Beijing 's plan to move into higher-tech manufacturing and reduce imports.