China set up a new state-owned aircraft engine maker to help fulfill ambitions to develop homegrown aerospace giants and become a major player in global aviation, according to The Wall Street Journal. Aero Engine Corp. of China, or AECC, which has 50 billion yuan ($7.5 billion) in registered capital and 96,000 employees, will focus on the design, manufacture and testing of aircraft engines, the official Xinhua News Agency said. Its investors include the Chinese government and two state-owned firms: Aviation Industry Corp. of China, an aerospace and defense conglomerate, and Commercial Aircraft Corp. of China, which produces passenger jets. China has struggled to produce advanced jet engines capable of matching foreign rivals, despite significant state funding and decades of effort.
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