BRIEF-CRRC's 2016 net profit down, sets financing plan, to kick off two projects

March 29 (Reuters) - CRRC Corp Ltd

* Says 2016 net profit down 4.4 percent y/y

* Says it sets financing plan of 140 billion yuan ($20.32

billion) in 2017

* Says it plans to issue up to 70 billion yuan debt

financing instruments in 2017

* Says board approves unit in the U.S. to kick off

production project with investment of $129.6 million in Chicago

* Says board approves unit CNR Dalian Locomotive & Rolling

Stock to start production project with investment up to 2.0

billion yuan

Source text in Chinese: http://bit.ly/2oxjEEg;

http://bit.ly/2o9D8CS

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($1 = 6.8891 Chinese yuan renminbi)

(Reporting by Hong Kong newsroom)