Rail manufacturers target $102b in sales within five years

A CRH train that runs on the Beijing-Shanghai High-Speed Railway leaves Tianjin South Railway Station in North China's Tianjin, June 30, 2012. [Photo/Xinhua]

China is set to up the ante in rail equipment manufacturing, targeting a sales value of at least 650 billion yuan ($101.9 billion) by 2020, reported Economic Information Daily citing a government plan.

As the country makes its way into becoming a leading player, exports will account for more than 30 percent of the sales by 2020, while 15 percent is expected to come from service trades, according to the plan.

The Belt and Road Initiative will boost exports of high-speed rail technologies and related products, as a growing number of nations are looking to upgrade their transportation networks.

Globally, rail transit market is likely to grow at 3.3 percent annually in the next five years, said the newspaper. Demand for vehicle equipment is projected to reach 53 to 61 billion euros.

The plan, dubbed as the "roadmap for China's manufacturing in key technology sectors by 2025" outlined industrial goals by each stage.

The country expects outbound sales of transportation equipment to further expand and account for 40 percent by 2025, when it holds a prominent position at the higher-end of global industrial chain.

China will focus on developing equipment including high-speed trains of its own standard, 30-ton-axle-load electric locomotives and high-speed surface transport, reported the newspaper citing the plan.