Economy

China's railway investment to top 700 b yuan

(Xinhua)
Updated: 2011-05-06 18:51

BEIJING -- China's Ministry of Railways announced on Friday that its total investment this year will reach 745.5 billion yuan (about US$115 billion), with 600 billion yuan going toward infrastructure construction, according to ministry spokesperson Wang Yongping.

The official statement follows media reports saying the ministry could scale back investments by as much as 200 billion yuan this year as the rapid expansion of the country's high-speed rails leads to debt concerns.

Wang said the arrangement was a proper one because it reflects the continuity of railway construction, and meets the capital demands of projects under construction.

He said that during the country's 12th Five-Year Plan Period (2011-2015), the ministry will proceed with railway construction in accordance with the country's economic and social development and the public's satisfaction, adding that investments during the period will hit 2.8 trillion yuan.

Wang said China's high-speed rail tracks will expand to 45,000 km by 2015. Railways in the country's western regions will be extended to 50,000 km.