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Railways deny asking for 800b rescue

(Global Times)

13:13, November 08, 2011

The Ministry of Railways (MOR) denounced a rumor it was pleading for 800 billion yuan ($126.18 billion) from the central government Monday.

Newspapers reported earlier the large scale construction of railway projects led to the MOR's debt crisis.

Wang Mengshu, a deputy chief engineer at the China Railway Tunnel Group said the MOR was facing the plight of filling the funding gap of the railway construction projects that had been halted or were underway. Wang said it required trillions of yuan in funding, the Economic Observer reported on Sunday.

According to fiscal data released by the MOR on Thursday, the total assets of the ministry stood at 3.74 trillion yuan, with a total debt of 2.23 trillion yuan. The ratio was 59.6 percent.

An insider at the ministry told the Economic Observer the ministry has managed to raise 200 billion yuan.

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