High-speed Rail Deals on Move
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China is expected to sign a batch of cooperation documents with other countries that are interested in China's railway progress during the upcoming Seventh World Congress on High Speed Rail in Beijing next week, a senior railway official said.
Chen Juemin, director-general of the international cooperation department at the Ministry of Railways, said in a written reply to China Daily that CSR Corporation Limited, one of China's largest rail vehicle producers, and General Electric Co had initiated a framework agreement to establish a joint venture in the United States to manufacture high-speed trains using China's high-speed train technology.
Sources close to the deal said it is likely to be inked during the conference that runs between Dec 7 and 9.
Bloomberg reported on Friday that CSR and GE may bid to build high-speed train lines in California and Florida after US President Barack Obama spurred investment in railways.
And Beijing-based CSR's chairman, Zhao Xiaogang, told reporters in Hong Kong on Friday that the two companies may also bid for a project on the US' east coast.
The companies have not yet decided what form their cooperation will take and which lines they will bid on during the coming three years, he said.
Other agreements or memorandums are also expected during the Seventh World Congress on High Speed Rail. Deals are likely to be inked between China and railway authorities and enterprises in Turkey, Sweden, Germany, Bulgaria, Canada, Slovenia and the Democratic People's Republic of Korea during the conference, Chen said.