Related News
Rail construction budget up
By Richard Fu |
September 5, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S railway authority has raised the full-year spending budget on railway construction to 496 billion yuan (US$78 billion), the latest state effort to stimulate economic growth, an industry executive said yesterday.
To meet the new target, the Ministry of Railways is mandating that railway spending be at least 67 billion yuan per month until the end of the year, Bai Zhongren, president of China Railway Group Ltd, said in Hong Kong yesterday.
The increase was the second since July, when the ministry raised the budget for rail infrastructure construction this year to 470 billion yuan from 406 billion yuan. Spending in 2011 was 461 billion yuan.
Railway investment suffered following a fatal high-speed train crash in Wenzhou in July last year that fueled safety concerns. But the government is again speeding up project approval after China's second-quarter economy grew at the slowest pace in three years.
Bai said the ministry has secured sufficient funding via bank loans and bond issues.
"The acceleration of railway investment will ably support the company's revenue and earnings," Citigroup analysts said in a note. China's railway investment in the first half was only 149 billion yuan.
To meet the new target, the Ministry of Railways is mandating that railway spending be at least 67 billion yuan per month until the end of the year, Bai Zhongren, president of China Railway Group Ltd, said in Hong Kong yesterday.
The increase was the second since July, when the ministry raised the budget for rail infrastructure construction this year to 470 billion yuan from 406 billion yuan. Spending in 2011 was 461 billion yuan.
Railway investment suffered following a fatal high-speed train crash in Wenzhou in July last year that fueled safety concerns. But the government is again speeding up project approval after China's second-quarter economy grew at the slowest pace in three years.
Bai said the ministry has secured sufficient funding via bank loans and bond issues.
"The acceleration of railway investment will ably support the company's revenue and earnings," Citigroup analysts said in a note. China's railway investment in the first half was only 149 billion yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
