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China approves US$292 billion railway projects

 A Chinese train, belonging to the train series "The East is Red"  makes its way past the Beijing Asian Observatory in Beijing, Monday, Oct. 27, 2008....

China Railways

A Chinese train, belonging to the train series "The East is Red" makes its way past the Beijing Asian Observatory in Beijing, Monday, Oct. 27, 2008....

China’s leaders have approved 2 trillion yuan (US$292 billion) in spending on railways construction, stepping up planned investments to help fend off an economic slowdown, the official Xinhua News Agency said yesterday.
The early approval last week by the State Council, or Cabinet, for the spending is meant to help support faltering economic growth, Xinhua cited a Railway Ministry official, Wang Yong, as saying.
The railways development plan calls for 2 trillion yuan in construction spending by 2020 but the ministry official said total spending is likely to exceed that amount.
China is in a railway-building boom, adding hundreds of miles a year in an expansion that rivals the construction of railroads in the 19th century American West.
It is hoping to ease congestion, promote economic growth in isolated areas and bind restive regions such as Tibet and the Muslim northwest more closely to the rest of China.
Plans call for the railway system to expand to 120,000km by 2020 from the current 78,000km.


Updated : 2021-03-01 16:20 GMT+08:00