China's rolling-stock maker CRRC sets up freight train subsidiary

HARBIN - Chinese rolling-stock maker CRRC Corp. on Wednesday set up its freight train subsidiary in Qiqihar city, Northeast China's Heilongjiang province.

CRRC Qiqihar Co. was set up through a restructuring of a former transportation equipment company of CRRC in Qiqihar as well as CRRC's four wholely-owned locomotive and wind power branches in Liaoning, Hebei, Shandong provinces and Inner Mongolia autonomous region.

The restructured CRRC Qiqihar Co. has registered capital of 6.7 billion yuan (about $1.1 billion), employing 20,300 people. Its core business is the production of freight trains, with exports to more than 30 countries, including Australia, New Zealand, the United States and Brazil.

Besides the freight train production, CRRC Qiqihar plants have made exports of more than 50,000 heavy-duty mining vehicles. Its product series also cover machinery for container transport, environmental protection and intelligent machines.

Xu Zongxiang, executive director of CRRC Corp., said the parent company would support CRRC Qiqihar Co. to upgrade its core competitiveness and become the world's first-class freight train supplier and equipment manufacturer.