Chongqing Railway Investment Group Co., Ltd. (CRIG), a joint venture between Chongqing Municipal Government and China State Railway Group Co., Ltd. (China Railway), was inaugurated on November 18.

Chongqing Railway Investment Group was established on November 18.

As a market-oriented joint venture with a registered capital of RMB 27.9 billion, CRIG will engage in the investment, financing, construction, operation, asset management, and the comprehensive development of land along railway lines for joint venture railway projects between the State government and local governments and inter-city railway projects. It is set up to support the railway infrastructure construction in Chongqing.

By reference to the management model of the Ministry of Finance over China Railway, CRIG is managed in a pattern where Chongqing Finance Bureau performs the duty of the contributors while Chongqing Development Investment Co., Ltd. and China Railway Chengdu Group perform that of the shareholders.

As a municipal-level state-owned enterprise, CRIG’s top management is managed by the CPC Chongqing Municipal Committee. The inauguration ceremony today discloses that Mr. Wang Qinlin acts as the party secretary and president of CRIG.

CRIG plans to become a large unified platform for investment, financing, construction, operation, asset management, and comprehensive land development for railway projects across Chongqing. It is expected to expedite the construction of railway infrastructure and cover the shortage of high-speed railway construction in Chongqing. The company will be an entity with a professional team dedicated to the municipal-level overall planning and implementation of land resource and logistics development projects around railway stations. It will mainly raise the exploitation efficiency of railway resources and lift Chongqing’s operation efficiency and sustainable development ability in the railway sector.

Source: Cqnews