China’s railway investment decreasesNovember 15th, 2011 - 5:01 pm ICT by IANS
Beijing, Nov 15 (IANS) China’s railway investment in the first 10 months of this year fell sharply, authorities said.
The ministry of railways announced Tuesday that its fixed asset investments reached 429 billion yuan (about $68 billion) in the first 10 months of this year, representing a sharp decrease of 25.2 percent from a year ago.
Its infrastructure investment in the first 10 months reached 367 billion yuan, falling 28 percent year-on-year, according to data released by the ministry.
Previous data shows that the ministry’s outstanding debt totaled 2.23 trillion yuan as of the end of September, creating significant pressure for the ministry, as debt payments peaked in the fourth quarter, reported Xinhua.
The ministry has resorted to issuing bonds to finance its construction projects. In its latest effort to raise capital, it auctioned 30 billion yuan in bonds last week.
Other figures released by the ministry showed that the country’s railways carried nearly 1.6 billion passengers in the first 10 months.
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