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China Issues Two Billion Yuan Worth of Railway Bonds
China will issue two billion yuan worth of railway construction bonds between December 19 and January 16, 2001, according to China Securities on Friday, December 15.
The bonds, carrying an annual interest rate of 3.78 percent, will mature in three years, when both the principle and the interest will be repaid.
China has issued 14.1 billion yuan worth of railway construction bonds in six batches since 1995. The proceeds from the bonds have been spent on the construction of new railway lines.
The country currently has about 70,000 km of railway lines and plans to build 3,000 km of new lines in the western region in the next five years, according to the Ministry of Railways.
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