(From Caixin Online)
The operator of China’s railroads says it plans to spend 800 billion yuan ($121.5 billion) on infrastructure in 2016, about what it spent in each of the last two years.
China Railway Corp. (CRC) announced the spending plan for the year at a press conference on January 17. Its general manager, Sheng Guangzu, said the firm aims to increase passenger traffic by 10 percent from 2015 and freight transport by 2 percent.
Some 2.5 billion people traveled by rail in China in 2015, the third straight year of 10 percent growth, he said.
However, the amount of rail freight fell by about 10 percent from last year, the largest decline the country has ever seen, Sheng said. He blamed the slump on fewer shipments of bulk commodities such as coal and steel.
To boost the freight industry, the CRC plans to take more orders for shipping merchandise such as consumer goods, speed up freight trains and develop high-speed units for cargo transport, Sheng said. Read more