-- China South Locomotive and Rolling Stock Corp. (CSR) Saturday announced one its subsidiaries had secured a 4-billion-yuan (591.9 million U.S. dollars) contract to supply rail vehicles in Malaysia.
The contract agreed by CSR Zhuzhou Electric Locomotive Co. and the Transport Ministry of Malaysia requires the vehicles to be delivered by May 2012, said Dai Binggang, senior manager of the company.
The vehicles, with a top operational speed at 140 km per hour, would replace existing inter-urban vehicles on the south-to-north rail in Kuala Lumpur, and reduce operating costs by 15 percent a year, said Xu Zongxiang, general manager of the company.
Both Dai and Xu refused to give the number of vehicles to be supplied.
CSR is China's biggest maker of rail vehicles, and its first-quarter net profit surged 84.55 percent year on year to hit 355 million yuan.
Saturday, July 24, 2010
Tuesday, July 20, 2010
China in the world
* China has now become the biggest exporter in the global economy ahead of Germany and the US. China accounts for about 11 % of world trade in goods.
* China is the first major economy to rebound effectively from the crisis. In the first part of 2010, China’s growth rates compare with levels before the crisis. China is on track to overtake Japan and become the world's second largest national economy in 2010.
* More than half of China's exports are currently produced by foreign invested enterprises (processing trade). Neighbouring Asian companies in Japan, Taiwan, Hong-Kong and South Korea play a major role in this process. The role of European enterprises in China’sprocessing trade regime is limited, but the majority of finished consumer goods is exported to the EU.
* Bilateral trade in goods was €296 billion and €31 billion in services in 2009.
* Europe's imports from China grew by 16.5% on average per year during 2004-2008. This growth rate reversed in 2009 with a 13% drop recorded due to the crisis. Nevertheless, the EU still imported €215 billion worth of goods in 2009 from China. China thus remains Europe's biggest source of manufactured imports.
* China is Europe's fastest growing export market. Europe exported €81.7 billion worth of goods to China in 2009 - up by 4% compared to 2008.
* Exports from the EU to China grew by approximately 60% or €30 billion between 2005 and 2009. Through better market access, European exporters should be well placed to sell more of their quality products on the rapidly expanding Chinese consumer market.
* Europe runs a surplus on trade in services with China of €5.0 billion in 2009 (up from €4.9 billion in 2008). This is about 27 times smaller than its trade deficit for goods.
* Europe's total trade deficit (including services) in 2009 was €128 billion euros. The trade deficit is focussed in office and telecom equipment, textiles, and iron and steel. The trade deficit reflects a huge shift within the economies of Asia to focus production in China. Althoughimports from China have surged, to the detriment of developing Asia and notably Japan, Asia's share of total EU imports has remained rather stable over the last decade. But the deficit still reflects the considerable problems EU businesses have accessing the Chinese market.
* European companies invested €5.3 billion in China in 2009 (up from €4.7 billion in 2008). This is about 2-3% of overall European foreign direct investment.
* China invested €0.3 billion in 2009 (compared to a net disinvestment of €1.8 billion in Europe in 2008).
Wednesday, July 14, 2010
BEIJING - China and Argentina signed railway deals totaling $10 billion on Tuesday, amid efforts by Beijing to forge stronger commercial ties with Latin America.
Twelve agreements were reached between the two countries during Argentine President Cristina Fernandez de Kirchner's five-day visit to China. Six deals were inked at noon, witnessed by Kirchner and Chinese Vice-Premier Hui Liangyu. The rest of the agreements were signed later in the day following talks between Kirchner and her Chinese counterpart Hu Jintao.
The 10 railway projects - ranging from two to five years - include the purchase of Chinese railway technology and investments in Argentina's rail line electrification projects, Argentine Transport Minister Juan Pablo Schiavi told AFP.
Other deals cover areas like infrastructure, fishery, energy, and plant quarantine.
The two countries agreed to collaborate in light rail and subway construction in Argentina. China will also provide export credit to Argentina for purchases of locomotives.
At least three contracts focus on a $2.5 billion rail renovation project in Argentina's capital Buenos Aires. It requires the Argentine government to purchase materials and technologies for improving railway networks from two Chinese companies: China Northern Railway (CNR) and China Southern Railway (CSR).
During the talks, Hu and Kirchner also expressed wishes to push forward stronger trade ties.
China has become an increasingly important global player in the rail sector as its railway-related exports have been rising fast in the past years.
CSR, one of China's two major railway equipment manufacturers, said it signed contracts to export products worth $1.2 billion in 2009 alone, compared to less than $59 million in 2001.
"The exported products are high-end and more developed countries are on our client list," said a source from the corporation, who required anonymity.
CSR, which provides 70 percent of China's bullet trains in operation, is now exploring the markets of developed countries. Last year, it started exporting rapid transit vehicles and freight wagons to Singapore and Australia.
Analysts also expect high-speed railway related technologies and equipment to be the highlight of China's rail export in the future.
Yang Hao, professor in railway transport with Beijing Jiaotong University, said that compared to countries like Germany, France and Japan, China may not be able to excel in a single technology, but its advantage lies in "assembly" - absorbing advanced single technologies and bringing them together in one railway project.
To that effect, the Ministry of Railways has introduced high-speed train technologies from France, Germany and Japan in the past years, while making its own innovations.
"Absorbing others' strong points adds to China's competitiveness in the sector, in addition to other advantages such as lower construction cost and a shorter construction period," he said.
In China, it usually takes three to four years to build a high-speed railway. At least 10,000 km of high-speed rail line is now under construction.
As a newcomer in the high-speed railway market, China still has to learn to better meet the needs of potential clients, Yang said.
Earlier reports said the ministry wants to export China's high-speed railway technology to North America, Europe and Latin America.
Wang Zhiguo, vice-minister of railways, said in March that China's State-owned companies are already building high-speed lines in Turkey and Venezuela. Many countries, including the United States, Russia, Brazil and Saudi Arabia, have also expressed interest.