Update time：2014-04-19 Source: Railway Fastener
China Railways Corp announced the increase to Yuan 720bn which is 20bn more than planned.
The news comes after we discussed China Railways Group plan to dominate despite building debt in January. However, according to a report in People's Daily, China Railways Corp Chairman, Mr Sheng Guangzu said that funds will allow construction to being on four more railways this year. This brings the total number of projects in progress up to 48.
China's state council is encouraging banks to provide loans for railway projects in an effort to broaden the range of financing options available for the expansion of the network. The Chinese government is also planning to create an annual rail development fund. This will aim to attract private investors and will be worth up to Yuan 300bn. CRC expects to open 7000km of new lines this year.
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