|
China Railway Engineering Corporation
The China Railway Engineering Corporation (CREC) is a state-owned holding company of China, which is under the supervision of the State Council. The company is the major shareholder of China Railway Group Limited (CRGL), its subsidiary. HistoryThe history of the company could be traced back to 1950 which two bureaus of the Ministry of Railways were formed (Chinese: 工程总局; lit. 'construction bureau' and Chinese: 设计总局; lit. 'design bureau').[2] In 1958, the design bureau and the construction bureau were merged to form the General Bureau of Capital Construction of the Ministry of Railways (Chinese: 铁道部基本建设总局). From 1950 to 1990, the General Bureau was a government agency for many railway construction as well as highway bridge. A subsidiary of the General Bureau, The Major Bridge Engineering Bureau, now China Railway Major Bridge Engineering Group was said to construct over 1,000 bridges from 1953 to 2009.[3] In 1989, the Ministry of Railways decided to form China Railway Engineering Corporation (Chinese: 中国铁路工程总公司; CRECG)[4] as well as fellow competitor China Railway Construction Corporation (CRCCG) as subsidiaries. CRECG was formally registered on 7 March 1990.[4] In 2000, they were transferred from the ministry to "Central Large Enterprise Work Commission" of the Chinese Communist Party. In 2003, they were under supervision of State-owned Assets Supervision and Administration Commission (SASAC), a commission of the State Council. Since then, they became competitors despite both being state-owned.[citation needed] Numbers of former subsidiary of CRECG were now belongs to CRCCG, such as China Railway First Survey and Design Institute Group.[5] In 2007, a limited company was incorporated (China Railway Group Limited), CRECG transferred most of their assets to the subsidiary.[6] In 2008, the subsidiary became a publicly traded company which floats in Shanghai and Hong Kong Stock Exchange.[citation needed] During the 2022 Russian invasion of Ukraine, CREC was added to Ukraine's International Sponsors of War list for continuing its operations in Russia.[7] While numerous global corporations scaled back or fully exited the Russian market in response to the invasion and subsequent international sanctions, CREC chose to maintain its presence. Research conducted by the Yale School of Management categorized CREC in the "Grade F" tier of "Digging In," indicating its refusal to reduce or terminate activities in Russia. This decision has drawn criticism[who?] for undermining global efforts to end its aggression against Ukraine.[8][9] Projects
References
External links
Information related to China Railway Engineering Corporation |
||||||||||||||||||||||||||||||||||||||||||||
.jpg)
