The European Union has opened an unprecedented investigation into a unit of China’s state-owned train maker CRRC Co. Ltd. over alleged unfair subsidies, reports Caixin. The European Commission announced the probe Friday on CRRC unit Qingdao Sifang Locomotive and Rolling Stock over its bid for a €610 million ($657 million) public procurement contract in Bulgaria…
The European Commission has launched a full investigation into potentially market-distorting foreign subsidies to China's CRRC Qingdao Sifang Locomotive.
EU competition chief Margrethe Vestager says investigation into Chinese train maker over subsidies sends ‘important signal’ to business community but denies Brussels is ‘stepping up against’ Beijing with string of trade inquiries.