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Moving up one place to 55 in the Global 500 , China Railway Engineering Corporation Group ’ s ( CREC ) revenues have risen by 9.1 %. Now under the supervision of China ’ s State Council , the group began life in 1894 when China Shanhaiguan Manufactory ( now a subsidiary of CREC ) was set up to manufacture railway tracks and metal bridges for the Peking-Zhangjiakou Railway , the first railway project designed and constructed by the Chinese . This summer , the work of group subsidiary China Railway No . 2 Group on the Bheri Babai Diversion Multipurpose Project in Nepal , with COVEC , achieved an award of merit for ENR ’ s 2019 Global Best Projects . OCTOBER 2019