China plans to finalise $22 bn plane engine

China plans to merge more than 40 entities working on plane engines into a group with 145 billion yuan ($22 billion) in assets as part of a broader push into advanced industries to propel its economy, people familiar with the proposal said. The entities have combined assets of about 110 billion yuan, the people said, asking not to be identified because the discussions are private.

The Chinese government and companies including Aviation Industry Corp. of China, known as AVIC, will invest an additional 35 billion yuan under the plan, which could be announced as soon as this month, they said.