(Yicai Global) Jan. 10 -- Swiss inspection giant SGS Group and authorities in Qingdao plan to build a CNY1.2 billion (USD173.1 million) rail transit test center in the Chinese city that will boast the world's most advanced testing track.

SGS and the Qingdao Rail Transit Industry Demonstration Zone signed the project deal today, China News Service reported. The center will have the most miles of track, highest test speeds and most complete qualification standards in the world.

The project will mainly provide one-stop services for certification, testing, consulting and in-service vehicle analysis of high-speed train and urban rail transit exports from China. It will also research and draw up technical standards for exported Chinese products to help the industry explore overseas markets.

The global rail market will continue to grow rapidly for decades to come, Wim Van Loon, an executive vice president at SGS, said at the signing ceremony. Chinese firms represented by CRRC, which has advanced technologies in areas such as high-speed maglev trains and automated driving, will update public transport systems around the world, he added.

Formed in Geneva in 1919, SGS is the world's largest third-party inspection and verification agency with over 2,600 branches and 95,000 employees worldwide. It entered the Chinese market in 1991 when it set up a joint venture with China Standard Science and Technology Group.