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(Yicai Global) Sept. 18 -- China's big spending on railways is not likely to seize anytime soon as a macroeconomic planning agency under the cabinet has reiterated its support to the central government's earlier goal of investing CNY800 billion (USD112.9 billion) in rail transit this year.
China will complete several major railway construction projects and put them into operation this year as the National Development and Reform Commission has been actively promoting progress toward the investment goal, Meng Wei, a spokesperson of the NDRC, said at a press conference today.
From January to August, China's fixed-asset investment in railway projects amounted to CNY449.6 billion, advancing in a normal manner in comparison to last year, Meng added. That means nearly half of the target is still available.
In August, the NDRC approved nine fixed-asset investment projects with a total value of CNY68.9 billion, and those were mainly in the fields of water conservation and energy, Meng said.
Editor: Emmi Laine