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China is launching its first aircraft-engine manufacturer

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China is launching its first aircraft-engine manufacturer in an attempt to wean itself off Western suppliers, like GE and United Technologies’ (NYSE:UTX) Pratt & Whitney. The state-owned Aero Engine Corp. of China was created by combining a group of existing aircraft-engine companies, according to local media reports. It has about 50B yuan ($7.5B) in registered capital and will develop both military and commercial engines.

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