CRRC eyes big overseas contracts

CRRC Corp, China's only maker of high-speed locomotives, is aiming to exceed its record high in overseas contracts this year, after clinching projects such as a $1.3 billion rail-car contract from Chicago's transport authorities in 2016.

The company is speeding up building its international business and will target developed markets including US cities such as Boston, CRRC Chairman Liu Hualong said on the sidelines of the World Economic Forum in Davos, Switzerland, on Wednesday.

"Profitability of overseas contracts is not worse than for domestic projects," said Liu. He said that it would also seek overseas acquisitions, especially to break into hard-to-penetrate markets like Europe.