China, home to one of the world’s fastest growing economies, showcased its first domestic military aircraft engine manufacturer. Its goal? To be less dependent on foreign-made engines (Russian-made engines comprised 30% of imports for the past four years). The aircraft’s company, Aero Engine Corporation of China (AECC), was formed through combining many pre-existing aircraft engine companies. China has, in fact, made its own planes but was not able to meet the global requirements of safety for the past few decades. This breakthrough received the praise of President Xi Jinping, who called the company’s creation a “strategic move” that will make China an aviation powerhouse. As for the AECC, it has 50 billion yuan (approximately 7.5 billion dollars) and 96 thousand employees. The AECC makes both commercial and military planes produced by a US-French venture company and General Electric, respectively. The whole manufacture process will ultimately make China a self-sufficient powerhouse for commercial and military aviation.
About the Author
Eugene Mok | Born and raised in Hong Kong, the hub of business, Eugene aims to engage readers in global and especially Chinese business trends, given his recent interest in Chinese enterprise and the ever-growing Chinese economy. He wants readers to understand that business is not just some distant concept but something that everyone can relate to on a daily basis. Eugene‘s hobbies include singing, playing volleyball, and writing in first person, not third.