World Economy

Train Makers’ Merger

Train Makers’ Merger   Train Makers’ Merger

China is moving forward with the merger of its two top train makers, state media said Wednesday, with a plan to create a massive group to export high-speed railway technology, AFP reported. State media have previously said the merger of state-owned China CNR Corp. and CSR Corp. will help prevent “cut-throat” competition between the two when seeking business overseas. The merger could also put the combined entity in a stronger position to take on the likes of Germany’s Siemens and Bombardier of Canada. A draft plan for the merger has been submitted to China’s cabinet, the State Council, for discussion and approval.