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Chinese investment in domestic railway projects has slowed as Beijing attempts to pare down the debt propping up many of its state-owned firms. But China Railway Construction Corp. (CRCC), which earns 90% of its income from domestic operations, reported strong growth in 2020. Revenue rose 9.62% for the year to $140 billion, with profits hitting $4 billion. The construction group wants to earn more from overseas operations, like the $3 billion contract CRCC signed in April 2021 to renovate a cross-country rail line in Nigeria. But overseas deals accounted for only 9% of all new contracts the group signed last year, down 13% from the year before.
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