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Railway spending booms as China earmarks US$104.5 billion in 2013

Time：2013-01-23 Browse：50 Author：RISINGSUN

CHINA is to spend US$104.5 billion on railway expansion building to lay down 52,000 kilometres of track, which stacks up to be the nation`s third-largest investment ever.

Last year, China`s railways saw an increase in passengers by 4.8 per cent to 1.9 billion while cargo levelled off at close to 3.9 million tons, reports Beijing`s Caixin financial news service.

According to a report from China Economic Review, the expansion is based on the recovery in railway infrastructure investment in the last quarter 2012, and subject to economic adjustments, said a Railway Ministry official.

Investment slowed in the last two years after the 2009 spending boom of $113.3 billion. In 2011, investment slowed down due to scandals within the ministry and bad press on the bullet train crash that killed 41 people.