(Yicai Global) Jan. 3 -- China Railway, which monopolizes railroad construction in China, has reportedly hired the first ever director of the National Railway Administration, Yang Yudong, as its new General Manager.
Former GM Lu Dongfu is now president, sources familiar with the matter told Yicai Global.
China split up its Ministry of Railways in 2013, creating China Railway and the NRA in its stead, with the former focusing in rail construction and transport and the latter inspections. Yang has been director of the NRA since its inception.
China Railway has been pushing for a mixed ownership reform since last year as it looks to become more flexible within the market and bring private capital into some of its subsidiaries. Lu said at an annual work meeting yesterday that the company would be putting forward systematic proposals this year to become a joint-stock company and strengthen cooperation with large central state-owned enterprises.
Once it undergoes that restricting, the company will rename itself China National Railway, the sources said.
China Railway also unveiled its 2019 targets at the meeting. It hopes to transport 3.5 million passengers and nearly 3.4 million tons of cargo this year, up 7 percent and 6.6 percent from last year. It also plans to lay 6,800 new kilometers of track, including 3,200 kilometers of high-speed railroads.