BY JAMES T. AREDDY
SHANGHAI?Chinese authorities are cutting spending on railway construction for 2012, the latest signal the world's No. 2 economy is de-emphasizing one of its most expensive programs after a year of problems highlighted by a deadly high-speed collision.
Under the new plan, spending for 2012 construction will drop 42%, from more than 700 billion yuan ($110 billion) earmarked in 2010?an investment level that initially had been expected to be maintained for a number of years, until the death of 40 people in the July crash prompted a reassessment.
China's railways minister, Sheng Guangzu, on Friday said 400 billion yuan will be ...
BY JAMES T. AREDDY
SHANGHAI?Chinese authorities are cutting spending on railway construction for 2012, the latest signal the world's No. 2 economy is de-emphasizing one of its most expensive programs after a year of problems highlighted by a deadly high-speed collision.
Under the new plan, spending for 2012 construction will drop 42%, from more than 700 billion yuan ($110 billion) earmarked in 2010?an investment level that initially had been expected to be maintained for a number of years, until the death of 40 people in the July crash prompted a reassessment.
China's railways minister, Sheng Guangzu, on Friday said 400 billion yuan will be ...
Source: http://online.wsj.com/article/SB10001424052970204464404577115792765484020.html?mod=rss_about_china
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