China's railway equipment export surges
2015-02-28A CRH (China Railway High-speed) train runs on the rail in Shanghai
BEIJING - China saw a surge in export of railway equipment as industry leaders actively exploreoverseas markets, official data showed Wednesday.China exported 26.77 billion yuan ($4.36 billion) worth of railway equipment last year, surging22.6 percent year on year, according to data from the General Administration of Customs (GAC).
In December alone, the export value came in at 2.81 billion yuan, a surge of 42.3 percent from the same period a year earlier.
GAC spokesman Zhang Guangzhi attributed the rapid growth to China's manufacturing competitiveness in the sector as well as domestic firms' efforts to tap the global market.
So far, China has exported its railway technology to more than 30 countries and regions,including ASEAN countries, Argentina, Australia and the United states.
The overseas march was mainly led by state-owned firms, with their exports accounting foraround 70 percent of the total value, according to the GAC data.
Although a latecomer to the field, Chinese railway equipment companies have thrived due to costadvantage and shorter delivery time.
According to German transportation consultant firm, SCI Verkehr, China North Railway andChina South Railway, two industry leaders, currently hold the lion's share of the world's HSRmarket, with their sales revenue equal to the other five top companies combined.
