China to produce its own aircraft engine maker
State-owned group to reduce dependence on foreign producers
China has launched its latest attempt to keep up with the West as it revealed its intention to create a state-owned aircraft engine producer.
Aero-Engine Group of China is a combination of various exisiting engine companies, as the country tries to curb its reliance on foreign firms for its commercial and military needs.
The country currently buys engines from the likes of General Electric in the United States, as well as importing Russian engines for its military jets. While it does make its own planes, China has not been able to consistently meet standards when it comes to meeting global engine requirements.
Along with the government itself, the Aviation Industry Corp of China (AVIC) and Commercial Aircraft Corp of China (COMAC) are the main investors in the project.
Almost 100,000 people will be employed by the group as Beijing seeks to become an aerospace rival to those in the West.
President Xi Jinping said the creation of the company was a "strategic move" to make China a power in the aviation industry and modernise the military, the official Xinhua news agency reported.