Supported by more than 12,000 employees and 43 billion yuan in assets, the company currently runs 10 core subsidiaries such as China Railway Engineering Services Co Ltd and China Railway Engineering Equipment Group Co Ltd. CRHIC also announced earlier this month that an order for turnout junctions serving high-speed maglev trains traveling up to 600 kilometers per hour－the world's fastest such speed for the devices－was signed and built by its subsidiary, China Railway Baoji Bridge Group Co Ltd.

Its smart control system, flexible design and the precision group welding as well as complete machine processing skills ensure the turnout's construction accuracy and performance, said Yi from CRHIC.

He said the complete turnout assembly technology developed during construction is expected to contribute to future 600 km/h high-speed maglev lines.

This year's event attracted nearly 1,300 participating teams from famous universities throughout the country, such as Tsinghua University, Peking University and Fudan University, and featured a record turnout of more than 3,600 participating students.

In Taizhou, Zhejiang, construction of the Wenling-Yuhuan High-speed Railway achieved a milestone as the major Wenling West Station Railway Bridge project saw casting of a turnout of a continuous beam successfully completed by CR24, a China Railway Construction Corp unit.

The summer season has witnessed a turnout of 435 million moviegoers across the country, with the box office having scored around 2 billion yuan for seven consecutive weeks.

The competition's strong turnout comes at a time when Chinese venture capital funds are investing into pioneering technologies that have market potential in China.

Although electric cars may take some time to prevail, Hamid expected high turnout of clients, because it will be cheaper with better safety and availability of spare parts.

But experts said this year's turnout still signifies an encouraging recovery for the industry that has been hurt badly by COVID-19.

The AIIB's third annual meeting was held last week in Mumbai with a turnout of around 3,000 participants from across the world.