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650 billion yuan earmarked for rail projects
By Richard Fu |
January 17, 2013, Thursday
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Online Edition
Online Edition
THE Ministry of Railways said it will earmark 650 billion yuan (US$104.5 billion) for railway development this year, more than last year, Minister Sheng Guangzu said today.
The ministry revised up last year's investment budget several times from 500 billion yuan to 630 billion yuan as the government accelerated approvals for infrastructure projects to stimulate economic growth.
Although last year's actual investment figure hasn't been revealed, available data showed the ministry spent 507 billion yuan in the January-November period. That means spending in December could more than double the monthly average of the previous 11 months.
The world's longest high-speed railway, the 2,298-kilometer Beijing-Guangzhou line, went into full operation in December.
Of this year's budget, 520 billion yuan will be spent on infrastructure, Sheng said at a ministry work conference in Beijing today. He added that 5,200 kilometers of new lines will be put into operation in 2013.
The ministry's annual spending peaked to 842.7 billion yuan in 2010 as China expanded its high-speed rail network, but the figure fell sharply to 590.6 billion yuan in 2011, following the sacking of Liu Zhijun, the former railway minister who championed the high-speed network, over corruption, and the July 23 train collision in Wenzhou, Zhejiang Province that killed 40 people.
Passenger traffic volume is expected to rise 7.5 percent to 2.035 billion people this year after rising 4.8 percent in 2012, Sheng said. Cargo volume is set to rise 3.5 percent to 4.03 billion tons this year after staying flat in 2012.
The ministry revised up last year's investment budget several times from 500 billion yuan to 630 billion yuan as the government accelerated approvals for infrastructure projects to stimulate economic growth.
Although last year's actual investment figure hasn't been revealed, available data showed the ministry spent 507 billion yuan in the January-November period. That means spending in December could more than double the monthly average of the previous 11 months.
The world's longest high-speed railway, the 2,298-kilometer Beijing-Guangzhou line, went into full operation in December.
Of this year's budget, 520 billion yuan will be spent on infrastructure, Sheng said at a ministry work conference in Beijing today. He added that 5,200 kilometers of new lines will be put into operation in 2013.
The ministry's annual spending peaked to 842.7 billion yuan in 2010 as China expanded its high-speed rail network, but the figure fell sharply to 590.6 billion yuan in 2011, following the sacking of Liu Zhijun, the former railway minister who championed the high-speed network, over corruption, and the July 23 train collision in Wenzhou, Zhejiang Province that killed 40 people.
Passenger traffic volume is expected to rise 7.5 percent to 2.035 billion people this year after rising 4.8 percent in 2012, Sheng said. Cargo volume is set to rise 3.5 percent to 4.03 billion tons this year after staying flat in 2012.
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