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Railway minister says merger plan a rumor
By Wang Qingchu |
March 8, 2012, Thursday
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Online Edition
Online Edition
The railway minister denied the rumor that his ministry would be merged with the Ministry of Communications, the Beijing Times reported today.
Sheng Guangzu said he never heard of the merger plan when he was interviewed after a group discussion with legislators from Hunan Province during the ongoing parliamentary meeting in Beijing.
Sheng also denied that many high-speed rail projects had been halted, incurring a monthly loss of up to 1 billion yuan (US$158 million).
"The high-speed rail projects have not been suspended and the debt problem won't affect the construction," Sheng was quoted by the newspaper as saying.
Early media reports said rail projects totaling 10,000 kilometers had been halted due to a shortage of money.
The Ministry of Railways was 2.23 trillion yuan in debt at the end of last September and its asset-liability ratio reached nearly 60 percent, the Beijing Times said.
Sheng Guangzu said he never heard of the merger plan when he was interviewed after a group discussion with legislators from Hunan Province during the ongoing parliamentary meeting in Beijing.
Sheng also denied that many high-speed rail projects had been halted, incurring a monthly loss of up to 1 billion yuan (US$158 million).
"The high-speed rail projects have not been suspended and the debt problem won't affect the construction," Sheng was quoted by the newspaper as saying.
Early media reports said rail projects totaling 10,000 kilometers had been halted due to a shortage of money.
The Ministry of Railways was 2.23 trillion yuan in debt at the end of last September and its asset-liability ratio reached nearly 60 percent, the Beijing Times said.
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