Caixin
Oct 31, 2018 08:23 PM
BUSINESS & TECH

Train-Car Maker Touts Tenfold Jump in Overseas Assets Since 2013

A model of a train is displayed at a CRRC booth at an exhibition in Fuzhou, Fujian province on June 20. Photo: VCG
A model of a train is displayed at a CRRC booth at an exhibition in Fuzhou, Fujian province on June 20. Photo: VCG

State-owned train-car manufacturer CRRC Corp. has announced that its overseas assets ballooned more than tenfold to 34 billion yuan ($4.9 billion) from 2013 to 2017.

The company touted the increase in its assets abroad as a sign that it has made major strides in its expansion abroad since 2013, when it had about 3 billion yuan in overseas assets. That was the year that President Xi Jinping first proposed the Belt and Road Initiative. The initiative is an ambitious project to forge trade and investment links with other parts of the world through overseas investment.

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