Railway Operator Denies Spending Cuts Will Hinder Economic Growth
China’s national railway operator has rebuffed speculation that reduced spending on national railway development this year will slow down growth of the country’s gross domestic product (GDP).
China Railway Corp. (CRC) General Manager Lu Dongfu said lower spending doesn’t mean the government is reducing its support for the industry, as some have said.
The operator said in January it plans to spend 732 billion yuan ($115.6 billion) this year on its fixed rail assets, the lowest amount since 2013. CRC had promised earlier to not invest less than 800 million yuan every year to develop China’s railway. But the figure has steadily dropped from 808.8 billion yuan in 2014 to 801 billion yuan last year.
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