China eyes $127.3b rail spending in 2013: State media
BEIJING (AFP) - China will sharply increase planned railway investment in 2013 to more than US$100 billion (S$122 billion), state media cited the railways minister as saying on Thursday, as part of plans to boost the economy.
The Ministry of Railways will spend 650 billion yuan (S$127.3 billion) this year, the Xinhua news agency said, citing minister Sheng Guangzu as saying at an annual national work conference.
That marks a 30-per cent increase from the planned investment of 500 billion yuan for 2012.
Actual rail investment in China usually turns out higher than the planned budget as Beijing has a tradition of increasing spending on infrastructure to bolster economic growth.