Tag: CRRC

Making money — not following political directives — is the top priority for Chinese state-owned train giant CRRC, its chairman claimed this week. "As an enterprise, CRRC seeks profits. Considerations about Chinese soft power and global political influence "do exist in our agenda, but our ultimate goal is always the benefit when adjusting ourselves to the market," Liu told CNBC at the World Economic Forum annual meeting in Davos, Switzerland. The plan, which continues to evolve, at one point included 65 countries, which together accounted for one-third of global GDP and 60 percent of the world's population, or 4.5 billion people, according to Oxford Economics. It's all part of China's push to increase global clout — building modern infrastructure can attract more investment and trade along the route. The policy could also boost the domestic economy with demand abroad, and might soak up some of the overcapacity in China's industrial sector. "In the construction of the Belt and Road, we haven't really seen any projects where new markets are being explored entirely for political interest. Even though President Donald Trump approved controversial tariffs on imported washing machines and solar cells on Monday, Liu said he didn't think the U.S. leader was being anti-China. "I feel that he is seeking a new balance. —CNBC's Saheli Roy Choudhury contributed to this story.