OFF TRACK:THE ROLE OF CHINA’S CRRC IN THE GLOBAL RAILCAR MARKET
Executive summary 4
1. Introduction 6
2. Overview of state-owned enterprises 7
2.1 Economic perspectives on SOEs 7
2.2 The role of SOEs in China today 8
2.2.1 Chinese government subsidies 10
2.3 CRRC in the context of Chinese SOE reform 10
3. CRRC’S role in a global market 13
3.1 The global railroad rolling stock industry 13
3.2 CRRC financial performance 17
3.3 CRRC benefits from government subsidies 19
3.4 Non-financial objectives of the Chinese government 19
3.5 CRRC’s rail sales outside of mainland China 20
3.5.1 CRRC’s sales in North America 22
4. Conclusion 23