China’s Rail Firms Shake Up Personnel
Train-maker CRRC Corp. Ltd. has appointed Sun Yongcai as its new president, promoting him from his role as executive director.
Meanwhile, the country’s national railway operator, China Railway Corp., has set up small reform committees in its 18 regional bureaus, a China Railway staffer told Caixin. The national railway operator has also recently completed a reshuffling of high-level personnel.
The companies’ moves come as China tries to streamline its state-owned rail companies and tackle oversupply after major work on one of the world's most advanced high-speed train systems.
Sun, who was also a party committee member at the state-owned CRRC, will now become its party secretary, CRRC announced Thursday. He was also nominated for the position of general manager at CRRC. Sun fills positions left vacant since former general manager Xi Guohua left CRRC in July to join manufacturing firm Xinxing Cathay International Group Co. Ltd.
Sun is a technology expert with years of experience at China CNR Corp. Ltd., CRRC’s predecessor company, a CRRC staffer told Caixin. Now that its vacant leadership positions have been filled, CRRC’s focus in the second half of the year will turn to its ongoing restructuring, the staffer said.
At China Railway, the Zhengzhou regional bureau has replaced high-ranking staff who had been previously been penalized for a major railway accident.
These reshuffles come amid sector-wide streamlining efforts, which in part aim to cut overcapacity. Production capacity at CRRC (pictured is the firm's general assembly workshop in Changchun) is over half the level of demand. Photo: Visual China
Zhengzhou, capital of the central province of Henan, has long been an important rail transport hub.
The new appointments and reform committees come at a time of upheaval for the state-owned operator. Earlier this month, Caixin learned that China Railway – which employs over 2.1 million people – aims to consolidate its 18 regional bureaus by the end of this year and operate as a new entity starting in 2018.
The company is also working on a stakeholding reform plan that could allow private sector investors to buy stakes in it.
China’s railway companies have lately been undergoing major reforms in order to tackle rampant overcapacity, at the tail end of a railway expansion boom. At the moment, the combined production capacity of CRRC, the world’s largest rolling stock manufacturer, is over half the level of demand.
Contact reporter Teng Jing Xuan (firstname.lastname@example.org)
Mar 01 07:02 PM
Mar 01 07:00 PM
Mar 01 05:03 PM
Mar 01 01:08 PM
Feb 26 07:07 PM
Feb 26 06:51 PM
Feb 26 06:48 PM
Feb 25 05:43 PM
Feb 25 05:26 PM
Feb 25 01:02 PM
Feb 25 11:02 AM
Feb 25 09:06 AM
Feb 24 07:00 PM
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas