Railways seek foreign investment

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Last updated at: (Beijing Time) Tuesday, February 24, 2004

Railways seek foreign investment

China's State-owned railway system is planning to pilot joint-stock restructuring projects and invite domestic and foreign investment.

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China's State-owned railway system is planning to pilot joint-stock restructuring projects and invite domestic and foreign investment.

Policy makers aim to use those measures to hasten State railway system reforms, Xinhua said, citing Minister of Railways Liu Zhijun.

Liu's comments indicate how market-oriented restructuring of China's economy is spreading to even the most traditionally sacrosanct State monopolies.

China's railways are likely to record a profit of 500 million yuan (US$60.39 million) last year, a separate Xinhua report said Sunday.

That profit comes from revenue that rose 3.2 billion yuan year on year to 148 billion yuan in the same period.

The size of the nation's railway network is expected to rise to 100,000 kilometers by 2020 from the current 72,000 kilometers, a third Xinhua report Sunday said, citing Liu.

Source: Shenzhen Daily

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