CRRC subsidiary drops Bulgarian public procurement bid following EU FSR probe
( March 26, 2024, 18:33 GMT | Official Statement) -- MLex Summary: CRRC Qingdao Sifang Locomotive Co., a subsidiary of China's CRRC Corp., has withdrawn its offer for a Bulgarian rolling-stock contract following an in-depth investigation under the EU's new Foreign Subsidies Regulation, according to the European Commission. The regulator was investigating whether Chinese state subsidies for CRRC risked distorting competition in the procurement process, to the detriment of other companies.Statement follows....
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