Railroad investment
(China Daily)
Updated: 2006-08-21 09:51
Railroad investment
China invested 72.5 billion
yuan (US$9.1 billion) in railway construction from January to July, up 1.8 times
from the same period last year, a Ministry of Railway spokesman says.
Of
the total, 53.4 billion yuan (US$6.7 billion) came from the ministry, up 1.3
times from the same period last year, says spokesman Wang
Yongping.
Meanwhile, outlays by local governments and companies surged to
18.588 billion yuan (US$2.326 billion), up 5.5 times year-on-year.
The
money will be invested in both State-run and joint-venture
railways.
Investment in local railway construction reached 545 million
yuan (US$68.1 million), all bankrolled by local governments, Wang says.
Government reprimand
China's cabinet, in an
unusually tough message, has warned regional officials that any attempt to
dilute the effects of macro-economic policies would not be tolerated.
At
an executive meeting chaired by Premier Wen Jiabao last Wednesday, the State
Council sternly reprimanded top officials in the Inner Mongolia Autonomous
Region for their role in an unauthorized project which caused fatal
accidents.
The region's chairman, Yang Jing, and vice-chairmen Yue Fuhong
and Zhao Shuanglian, were ordered to write self-criticisms to the State Council.
The illegal project was Xinfeng Power Plant's investment of 2.88 billion
yuan (US$350 million) for two coal-burning generators with a capacity of 300,000
kilowatts each. Construction started in April 2004 without requisite approvals.
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