Annual rail spending hit 2012 target, ministry says

Fixed-asset investment in December rose 51.6% from the previous month to US$19.93 billion, helping the Ministry of Railways reach its annual target, Caixin reported. Over the year, US$101.4 billion was invested in total fixed-assets in railways, up 7% from 2011 with US$83.3 billion channeled into infrastructure. The ministry’s target for annual fixed-asset investment totalled US$101.3 billion but less than half that figure had been invested by the end of August. Ministry’s head Sheng Guangzu said he expected US$104.5 billion in fixed-asset investment in railways in 2013, with US$83.6 billion going towards building infrastructure. Sheng, who did not specify the source of funding, said the ministry would establish a national railway development fund to attract private capital into the sector and to diversify the investment entities.