(Yicai Global) April 7 -- Alstom, the world’s largest rail transport equipment manufacturer, will continue to extend its business footprint across the whole industrial chain in China, online news outlet The Paper reported today, citing the president of the French firm’s Asia-Pacific division.

“China is the key to Alstom’s success in the Asia-Pacific region, even in the world,” Fang Ling said. China’s commitment to boosting domestic demand means the need for rail transport will keep growing.

Serving the Chinese rail transport market through joint ventures is Alstom’s main China strategy, she said. The firm operates 11 JVs and eight wholly foreign-owned enterprises in the country. Its JVs in the high-speed train, automated people mover, monorail and metro industries are the only China-foreign JVs in their respective sectors.

There will be an increasing need to cooperate with local suppliers to develop large projects as more international and local players come onto the scene and the rail industry gets more competitive, Fang said.

Alstom, which was one of the first foreign companies to enter the Chinese market, is teaming up with rolling stock firm CRRC to provide the electrical traction systems for the Chengdu Rail Transit Ziyang Line, Line 17's Phase II, and Line 18's Phase III.

And the Saint-Ouen-sur-Seine-based firm is constantly on the lookout for more opportunities in the country. Senior executives from Alstom were among the 60 French businessmen invited to accompany French President Emmanuel Macron on a state visit to China from April 5 to April 7.

Alstom’s revenue surged 8 percent in the nine months ended Dec. 31 from a year earlier to EUR85 billion (USD92.8 billion). Asia is its second-biggest market after Europe.

“Alstom’s global compound annual growth rate is 5 percent, lower than that in the Asia-Pacific region,” Fang said. In the Asia-Pacific region, Alstom holds more than one-third of market share in all major markets and key product segments, she added.

Editor: Kim Taylor