Sinomach’s Chairman Ren Hongbin was present at the groundbreaking ceremony for a project co-launched by Sinomach’s branches CMEC and ZYS, along with Zhejiang province, to build an industrial park for high-speed railway bearing development and production on Dec 28.

Officials and major executives from Zhejiang province and Sinomach and some of its sub-companies, including the province’s Deputy Party Secretary Yuan Jiajun (third, left), and Ren Hongbin (third, right), Sinomach’s chairperson, stand with ceremonial shovels, marking the groundbreaking ceremony at the site. [Photo/sonomach.com.cn]

The industrial park project is being constructed by Zhongzhe High-speed Railway Bearing Co Ltd (ZZGT), a joint venture co-founded by organizations including Sinomach’s subsidiaries China Machinery Engineering Corporation (CMEC), Luoyang Bearing Science & Technology Co Ltd (ZYS) and Zhejiang province’s GuangMing Railroad Holdings Co Ltd, with registered capital of 250 million yuan ($35.99 million).

The park is designed to be a global R&D center and manufacturing base with an annual output of 400 million sets of high-speed, specialized and precision bearings, which will involve total investment of 5 billion yuan.

Once completed, the project will be able to facilitate the country’s goals of not having to depend on foreign suppliers and developing independent intellectual property rights in this field over time.