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China to Pour 55 Billion Yuan Into Railway Construction in 2001
China will invest 55 billion yuan (about US$6.65 billion) in railway construction in 2001, slightly more than this year, said Minister of Railways Fu Zhihuan Friday, December 22.
The industry expects to earn 120 billion yuan by carrying 1.05 billion passengers and 1.66 billion tons of cargo next year, with a profit of 500 million yuan, said Fu at the national railway work conference held.
Fu said in his work report that China's railway sector is expecting an income of 109.5 billion yuan from its cargo and passenger transport business this year, up 9.6 percent from last year, with a profit of 500 million yuan.
The country expects to spend 53 billion yuan in railway construction in 2000, building 980 km of new lines, double-tracks for 870 km and electrified railway of 540 km.
Meanwhile, the railway sector is expected to carry 1.03 billion passengers and 1.65 billion tons of cargo this year, up 5.4 percent and 5.2 percent respectively on an annual basis.
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