BEIJING, Apr. 6 (Xinhua) – Overseas business of China Railway Group Limited (601390.SH) registered a year-on-year growth of 49.6 percent to 102.5 billion in 2016, exceeding 100 billion yuan for the first time, according to the annual performance report of the company released on March 31.
Thanks to greater investment in domestic infrastructure construction and implementation of the Belt and Road Initiative, value of new contracts of the company topped 1 trillion yuan for the first time hitting 1.235 trillion yuan in 2016 with year-on-year growth recording five-year high at 29 percent, the report says.
In 2016, the company gained operating revenue of 27.56 billion yuan from overseas business. The Angren-Pap railway tunnel in Uzbekistan and the Addis Ababa-Djibouti railway in Ethiopia both contracted by China Railway Group Limited has been opened to traffic in 2016.
Meanwhile, the company has also won bidding for contracting construction of the 10th of Ramandan city program in Egypt, the Padma Bridge Rail Link Project in Bangladesh, China-Laos railway project, and South Malaysia railway project during the year.
Analysts say progress and achievement in Belt and Road construction went beyond expectation, and the huge infrastructure construction demand in Belt and Road countries would bring new development opportunities to global construction industry, and also push forward faster pace of the company to go global. Enditem (Edited by Li Xiaohui, lixh@xinhua.org)
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