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Rail investment up 61% in Jan-Oct

By Zhao Tingting (chinadaily.com.cn)
Updated: 2008-11-18 15:38

China's fixed asset investment for railways climbed 61.1 percent year on year to 255.6 billion yuan ($37.42 billion) in the first ten months of this year, according to a report by the Ministry of Railways last Friday. Investment for railway infrastructure construction amounted to 208.4 billion yuan, up 81.3 percent year on year.

The government has cleared a 4 trillion-yuan investment package lasting until 2010 to spur domestic demand and boost the slowing economy. In accordance with the stimulus package, the ministry plans to increase railway infrastructure investment to 350 billion yuan this year from 300 billion yuan previously, said a ministry official. The amount is expected to reach 600 billion yuan by 2009.

The country's railway system moved 1.25 billion passengers and 2.8 billion tons of cargo during the January and October period, the report said.