China to spend less on railway construction
Updated: 2011-12-23 13:31
BEIJING - China is planning to invest 400 billion yuan ($629.9 billion) in railway infrastructure construction next year, the country's railway minister said Friday.
The investment scale registered a slight decline from a total expenditure of 469 billion yuan this year, and a marked decrease from over 700 billion yuan in 2010.
This is the first time for the Chinese government to announce a clear goal for future railway development. Railway construction has been almost halted as the government has decided to slow the development of high-speed rail lines after a deadly train crash in July.
Total fixed asset investment on railway will reach 500 billion yuan next year, while construction will start on 6,366 kilometers of new railways, said Sheng at a national conference on railway construction.