The Chinese government is on a path to making things with higher value, which included high-speed rail cars/systems, and now it’s adding aircraft engines to its dossier.
I personally think it’s a good idea for China to start shifting its image as the global leader of making high-quality technologies that drive the world forward – that’s another facet of where the big bucks are. But seriously, does any body or any country want to be known as the leader of making cheap stuff? Don’t get me wrong, China’s economy has grown tremendously and capitalists have made plenty of money through mass-producing things for less money in China. *This is not an attack* Like Samsung, it used to make low-grade products (like knock-offs), and now look how far it’s come in technologies and innovation.
Article is from CCTV America, written by Reuters (same article appears on Reuters). Visit the site for additional images.
China launches state-owned aircraft engine maker
China has set up a state-owned aircraft engine maker with registered capital of 50 billion yuan ($7.5 billion), in the latest effort to develop home-grown, high-tech businesses to compete in international markets.
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’s cabinet, Beijing municipal government, the Aviation Industry Corp of China (AVIC) and 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.
President Xi Jinping called for the company to accelerate independent research, development and manufacturing of aircraft engines and gas turbines that will help China to achieve its goal of becoming an aviation power, Xinhua news agency said.
State-owned AVIC said in March that it was finalizing a 129 billion yuan merger of its aircraft engine businesses in a move to create a giant that could eventually compete with the likes of United Technologies Corp’s aircraft engine maker Pratt & Whitney.
Story by Reuters.