Cash sought for China rail growth

Seeking to attract investors to a US$250 billion railway expansion plan, China's Ministry of Railways is fast-tracking legislation that encourages foreign and domestic firms to participate in construction projects. Ministry spokesman Wang Yongping said the ministry plans to give investors more say in ticket and freight pricing. The plan would also call for a transparent system to ensure railway companies get their fair share of revenues, state media reported. The new rules are part of an ambitious expansion plan that could see 100,000 kilometers of track built in China by 2020. To fund the expansion, the ministry needs about US$31 billion per year, about twice the current annual investment.