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MENAFN - 11/10/2012

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(MENAFN) China has increased for the third time its planned railway investment, by USD3.2 billion this time, to USD99.52 billion for 2012, Reuters reported.

The government has recently approved 25 rail projects that could be worth more than USD110.6 billion, as part of measures to stimulate the country's slowing economy.

The government is making efforts to shield the world's second-largest economy against global headwinds, including fast-tracking some infrastructure projects.

The International Monetary Fund (IMF) revised down its forecast on China's 2012 economic growth to 7.8 percent from 8 percent and warned of risks to emerging Asia if the euro zone crisis worsens and the US policy makers fail to avoid the so-called "fiscal cliff".

The Ministry of Railways said in September that it would increase spending to USD96.4 billion, up from its previously planned USD91.6 billion in July.

The government said recently that it would boost public spending and offer tax breaks to speed up the development of the country's urban public transport system.

 






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