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China eyes $127.3b rail spending in 2013: State media

Published on Jan 17, 2013 3:43 PM
 
This photo taken on Monday shows railway lines covered by heavy smog in Nanjing, east China's Jiangsu province. 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. -- PHOTO: AFP

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.

 
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