BEIJING (AP) — China's two biggest manufacturers of bullet trains have merged in hopes of creating a globally competitive producer.
CNR Corp. and CSR Corp., both state-owned, will merge into a company called CRRC Corp., according to a statement released through the Shanghai stock exchange. It said they want to create a "globally leading" supplier of high-end equipment.
China has the world's biggest bullet train network but its trains are based on French, German and Japanese technology. Beijing is trying to develop its own bullet trains to secure a foothold in a growing global market.
CSR and CSR once were one company but were separated in 2000. According to the official Xinhua News Agency, they account for 80 percent of the rolling stock on China's train network.