This report for the Rail Security Alliance explores the role of Chinese state-owned enterprise (SOE) CRRC in the global railroad rolling stock market. It quantifies explicit Chinese government subsidies to CRRC; considers likely additional implicit subsidies; explores the history of Chinese SOE reform and recent policy towards national champion SOEs, and how these apply to CRRC; and considers the Chinese government’s strategic interest in the global rail industry. Finally, the report explores the available data relating to CRRC’s rolling stock sales outside of mainland China, particularly in the North American market.
