The China Aviation Engine Group is a state-controlled company with a registered capital of 50 billion yuan or around 7-and-a-half billion US dollars. Until this point, the country did not make large commercial jet engines of its own.
The company will focus on design of aero-engines and research of relevant materials. They also say this is a major step for China toward having a complete aerial industrial chain.
It will have 100,000 employees.
China is building the rest of their commercial planes but is about two generations behind with airplane engines.