China To Set Up Conglomerate To Design And Develop Own Plane Engines

China is setting up a conglomerate of three listed engine firms to designing and developing a plane engine.

Sichuan Chegfa Aero Science and Technology Co., Avic Aviation Engine Corp. and Avic Aeo-Engine Controls Co. are the three firms that will be tasked to design new home grown plane engines, Xinhua news daily reported Thursday.

Chinese authorities will appoint Chair, Party Secretary, General Manager and Deputy Party Secretary for the conglomerate. The names of the appointees have still not be disclosed.

The firms are now obliged to make coordinated disclosures to shareholders via stock exchanges.

The move will improve China's standing in plane design and manufacturing. China, inspite being one of the biggest aviation markets, it is still heavily reliant on imported engines.