China Railway Corporation set up

On March 17, China Railway Corporation was formally established. It performs the business functions of the defunct Ministry of Railways (MOR). With a registered capital of 1.04 trillion yuan (US $165.73 billion), China Railway Corporation is a wholly state-owned enterprise administered by the central government and supervised by the Ministry of Transport and the State Railways Administration (SRA). The Ministry of Finance will represent the State Council in performing the functions of investors.