Three Transformations
Chinese President Xi Jinping stressed during a visit to China Railway Engineering Equipment Group on May 10, 2014, that China should strive for a transformation from “made in China” to “created in China,” from “China speed” to “China quality,” and from “Chinese products” to “Chinese brands.” May 10 was later designated as the China Brand Day. Over the past seven years, China Railway Group Limited (CREC) has played a lead role in accelerating the transformation in three aspects. With technological innovation as a starting point, management innovation as a guarantee, quality improvement as the foundation, and brand building as the goal, CREC has made all-out efforts in promoting development quality and efficiency as well as the conversion of growth drivers in an attempt to nurture world-class Chinese-developed brands with high quality in the field of engineering construction. In 2020, the group had total assets of 1.2 trillion yuan (US$186.16 billion) and net assets of nearly 313.2 billion yuan (US$48.58 billion). The CREC ranked 35th among the Fortune Global 500 in 2021.
