China forms conglomerate to manufacture aircraft engines

China has formed a conglomerate by teaming up three listed companies in order as it steps up efforts to manufacture an indigenous aircraft engine which has eluded its aviation industry so far.
According to the firms' disclosures to the Shanghai and Shenzhen stock exchanges today, authorities have appointed heads of the new giant.
The three listed firms are Sichuan Chengfa Aero Science & Technology Co, Avic Aviation Engine Corp, and Avic Aero-Engine Controls Co.
The appointments include the chair, party secretary, general manager and deputy party secretary. The names of the appointees were not disclosed, state-run Xinhua news agency reported.

The three, already major players in their own right, are now obliged to make coordinated disclosures to shareholders via stock exchanges.
The move will improve China's standing in plane design and manufacturing.

Though one of the biggest aviation markets, the country is still heavily reliant on imported engines.
China in recent years has increased efforts to manufacture both civil and military aircraft, which include JF-17 Thunder fighter jet being manufactured in collaboration with Pakistan.
Also it has developed J-15 planes to operate from its aircraft carrier as well as J-20 stealth aircraft.
But engines for all these planes are imported mainly from Russia due to a ban on export of military equipment to China by the US and EU countries.