China Exim Bank sign agreement with CRRC for USD 30 Billion funding to shore up exports

BEIJING: The China Railway Construction Corporation (CRCC), which is making a strong bid to export its high-speed train technology, will get USD 30 billion in funding to sharpen its competitiveness in the overseas markets, state media reported today.

The Export-Import Bank of China (China Exim Bank) has signed an agreement with CRCC to provide 200-billion-yuan (about USD 30 billion) to enable it aggressively market its technology abroad.

The bank will offer CRCC a wide range of financial services, including credit support and information counselling, the state-run Xinhua news agency reported.

China has identified its bullet train technology as one of the items to boost its sagging exports.

Through the move, the China Exim Bank hopes to help the CRCC increase its core competitiveness in railway engineering and equipment manufacturing, and encourage outbound cooperation, the report said.

In recent years, Chinese enterprises have been quickening their pace of “going global”, and have gained a strong competitive edge in the area of railway construction.

China, which recently increased the speed of its bullet train to 350 kms, has the world’s longest high-speed rail network with 22,000 kms currently in operation.

It is now trying hard to market it abroad including in India. The CRCC has undertaken feasibility study to build the high-speed corridor in the New Delhi-Chennai sector.