Search

China just entered Aviation market with first state-owned aircraft-engine maker

03:29 PM | 29 Aug, 2016
China just entered Aviation market with first state-owned aircraft-engine maker
BEIJING - China has launched its first aircraft-engine manufacturer, in the latest effort to develop homegrown, high-tech businesses to compete in international markets.

The state-owned Aero-Engine Group of China was created by combining a group of existing aircraft-engine companies, with registered capital of 50 billion yuan ($7.5 billion), state television said Sunday.

It will develop both military and commercial engines.

China already makes its own planes, but has struggled for decades to develop engines that meet global requirements.

The government’s overhaul of state-owned enterprises to push Chinese products and services up the value chain has prioritized aircraft engines, high-speed rail and nuclear power as areas in which it wants China to excel.

China is currently buying its commercial aircraft engines from General Electric and United Technologies' Pratt & Whitney, while its military jets use Russian-made engines.

tt12

President Xi Jinping called the new creation of the new company a "strategic move" aimed at developing China's reputation as a global aviation power, Xinhua news agency said in a report.

China’s cabinet, Beijing municipal government, the Aviation Industry Corp of China (AVIC) and the Commercial Aircraft Corp of China are investors in the new Aero-Engine Group of China, combining a number of smaller businesses and their 96,000 employees to focus on designing, manufacturing and testing of aircraft engines, the report said.

AVIC makes military jets and helicopters while Comac produces China's biggest domestically-produced passenger plane, the C919.

The writer is a member of the staff.

Advertisement

Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 22, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.25 and selling rate is 303.25.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter