Companies
CRRC signs $178m deal with LA Metro
A contract between a Chinese railcar company and Los Angeles County’s transportation agency is expected to bring 64 subway cars, 50 local jobs and $38 million in wages and benefits to the region in the coming years.
The Los Angeles County Metropolitan Transportation Authority (Metro) and China Railway Rolling Stock Corp Ltd (CRRC) signed the $178 million deal on Wednesday at the Union Station Metro Red Line Station.
The first pilot rail vehicle is expected to be delivered by the spring of 2020, and the entire base order by September 2021.
“The CRRC trains are going to improve a lot of customer experience with new features that the current trains don’t have,” LA Metro spokesman Dave Sotero told China Daily.
The features include gangways between cars so that passengers can walk through the cars, as well as LED screens inside the trains and active line maps for passengers.
The current railcars are near the end of their useful life now, and the agency will eventually need almost 300 cars to meet the demand for higher frequency and reliability, he said.
Of the 64 HR 4000 rail vehicles, 30 will be used to replace existing Metro Red and Purple Line trains now traveling between downtown Los Angeles, the Mid-Wilshire District and North Hollywood.
The remaining 34 railcars will be used for the Metro Purple Line’s first four-mile extension from the Mid-Wilshire District to Beverly Hills when the line officially opens in 2023.
Coupled with up to five options to buy additional subway cars, the total value of the contract is 282 cars for $647 million.
Metro chose CRRC…
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
(more…)Companies
Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
(more…)Companies
Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
(more…)- Is journalist Vicky Xu preparing to return to China?
- Guide for Foreign Residents: Obtaining a Certificate of No Criminal Record in China
- China Unveils Plan to Upgrade Industrial Equipment
- China deepens engagement with new Indonesian president as top diplomat visits Jakarta
- New Publication: A Guide for Foreign Investors on Navigating China’s New Company Law
- Lingang New Area in Shanghai Opens First Cross-Border Data Service Center to Streamline Data Export Process
