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Already responsible for building two-thirds of China’s railway network and three-fifths of its metros, the state-owned China Railway Engineering Group now wants to reshape global infrastructure. In 2020, the rebound of its home market buoyed China Railway—revenue increased 15%—even after pandemic lockdowns shelved Chinese projects early in the year. This year, China Railway has pushed forward on overseas projects—a new railway in Laos, a high-speed rail in Indonesia, an electrified-rail project in Tanzania. Continued pandemic restrictions have stunted some of the firm’s global growth. For example, New Belt and Road Initiative contracts tied to China’s signature foreign infrastructure investment program declined 8.7% in the first quarter of 2021 compared with the same period last year.
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