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China Railway affirms foreign revenue goal despite setbacks

New overseas contracts down 8.2% in first half

China Railway Group President Zhang Zongyan at a press briefing on the company's first-half results in Hong Kong on Sept. 5. (Photo by Joyce Ho)

HONG KONG -- China Railway Group reiterated Tuesday that overseas infrastructure projects remain on track to contribute 10% of its revenue in the near future, up from the current 5.5%, dismissing short-term setbacks and uncertainties.

The Beijing-based contractor, which is 54% owned by the State Council's China Railway Engineering Corp., saw the value of new contracts from abroad decline 8.2% in the first half from a year earlier to 28.62 billion yuan ($4.37 billion).

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