AFP, BEIJING: China's largest train manufacturer won a billion-dollar deal to supply Chicago with rolling stock, it announced yesterday, as Beijing seeks to create high-tech firms capable of competing for lucrative contracts with foreign giants.
CRRC corporation, the result of a 2014 merger between two state-owned firms and the largest train maker in the world by revenue, signed a $1.3-billion contract to manufacture 846 subway carriages for the Midwestern US city, replacing around half its fleet.
It was the biggest train supply deal any Chinese firm has sealed in a developed economy, CRRC said on its website, calling it a "breakthrough" for the country's exports of high-end equipment.
"'Made in China' trains will be landing in Chicago," it said.
The city's mayor, Rahm Emanuel, said the deal would "go down in history", the Chicago Sun-Times reported.
Beijing has long urged rail and train makers to expand overseas in order to build expertise and market share and boost the competitiveness of its national champions.