Chinese Premier Li Keqiang said China would invest more than RMB800 billion (US$128 billion) in domestic railway construction for 2014 and will include rail equipment makers among seven sectors prioritized for export, Bloomberg reported. Li said around 8,000 kilometerrs (roughly 5,000 miles) of railway in addition to pushing for high-profile overseas contracts. Shares of China CNR Corp. (6199.HKG, 601299.SHA) and CSR Corp. (1766.HKG, 601766.SHA), which previously announced a merger plan intended to boost exports of high-speed rail technology, reversed early losses Thursday to rise by as much as 10% in Shanghai trading.
Categories