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Crash derails railway spending
By Wang Weini |
September 16, 2011, Friday
|
Print Edition
Print Edition
INVESTMENTS in China's railway construction fell about 50 percent from a year earlier in August after the country slowed the expansion following a devastating high-speed train crash in July.
The spending on railway infrastructure dropped to 33 billion yuan (US$5.16 billion) last month, from 65.5 billion yuan a year earlier, according to the Ministry of Railways.
In the first eight months, the investments fell 11.1 percent to 316.5 billion yuan, it said on its website yesterday.
The State Council, or China's Cabinet, put the brakes on the country's high-speed rail services and also ordered one month of thorough checks on all high-speed lines, including existing ones and those under construction, following the bullet train crash in Wenzhou City on July 23 which killed 40 people. The checks ended yesterday.
China will reevaluate safety systems on rail projects that have received government approval but haven't started construction yet, and halt the approval of new projects.
Passengers made 1.27 billion trips by rail by August 31, up 11.8 percent from a year earlier, against a 12.2 percent increase in the first seven months, the ministry said.
China plans to invest 2.8 trillion yuan during the 12th Five-Year Plan to expand its rail network to 120,000 kilometers by 2015.
The spending on railway infrastructure dropped to 33 billion yuan (US$5.16 billion) last month, from 65.5 billion yuan a year earlier, according to the Ministry of Railways.
In the first eight months, the investments fell 11.1 percent to 316.5 billion yuan, it said on its website yesterday.
The State Council, or China's Cabinet, put the brakes on the country's high-speed rail services and also ordered one month of thorough checks on all high-speed lines, including existing ones and those under construction, following the bullet train crash in Wenzhou City on July 23 which killed 40 people. The checks ended yesterday.
China will reevaluate safety systems on rail projects that have received government approval but haven't started construction yet, and halt the approval of new projects.
Passengers made 1.27 billion trips by rail by August 31, up 11.8 percent from a year earlier, against a 12.2 percent increase in the first seven months, the ministry said.
China plans to invest 2.8 trillion yuan during the 12th Five-Year Plan to expand its rail network to 120,000 kilometers by 2015.
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