CSR sets up UK subsidiary

Updated: 2015-05-16 01:02

By Cecily Liu(chinadaily.com.cn)

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CSR sets up UK subsidiary

CSR sets up UK subsidiary. [Photo by Cecily Liu / China Daily]

China's largest maker of rolling stock CSR Corporation Ltd launched a subsidiary in the UK on Friday, marking a milestone as the firm's first entry into the European market.

"As the world's largest rolling stock manufacturer, CSR has established a complete system for research and development and supply chain for rolling stocks. We are committed to providing green technology and whole package solutions to the world," CSR vice president Wang Jun said.

China's high speed train technology started to develop in around 2004, and has grown tremendously since then. Today China's annual average operation mileage for high speed trains is 600,000 kilometers, compared to an average of 300,000 -500,000 in other countries in the world, according to CSR statistics.

Wang said that CSR is committed to the UK market because the UK has stable political environment and open and impartial investment environment. As well, the country has profound intellectual and innovative resources, which CSR highly values, he said.

Wang said that he hopes CSR's growth in the UK will follow three principals. "Firstly, we want to devote ourselves to the UK community for win-win cooperation. In its history the UK has made tremendous contributions to the railway industry in the world and in China, so CSR as a global firm would want to employ local workers and to buy from local suppliers in the UK," he said.

"Secondly, we want to better integrate into the UK community. We want to become a local firm in the UK, and we want to become the owner and creator of local culture. We will also respect local culture and local laws and operate transparently."

"The third is to utilize all possible resources to generate fast growth, so that the firm will employ more local workers, contribute more towards the UK's economic growth and make more tax contributions," Wang said.