The Aviation Industry Corporation of China (AVIC) is a Chinese state-owned, publicly-traded aerospace and defense conglomerate headquartered in Beijing. AVIC is overseen by the State-owned Assets Supervision and Administration Commission of the State Council. It is ranked 140th in the Fortune Global 500 list as of 2021, and has over 100 subsidiaries, 27 listed companies and 500,000 employees across the globe.[2] AVIC is also the sixth largest defense contractor globally as of 2022 and second largest Chinese defense contractor with total revenue of $79 billion (from both defense and non-defense services).[3]
History
Since being established on 1 April 1951 as the Aviation Industry Administration Commission,[4] the aviation industry of the People's Republic of China has been through 12 systemic reforms.
In 1994, Avic was among the large industrial state-owned enterprises of China which were selected for a pilot program of restructuring as state holding companies, thereby enabling partial public listings of its subsidiaries' assets.