China’s Ministry of Railways had accumulated US$294.87 billion of debt by the end of the first quarter this year, causing its asset-liability ratio to reach 58.24%, state media reported, quoting CNTV. The MOR said it would issue US$3.1 billion in short-term financing bonds on July 21 to support railway construction, train purchases and capital turnover. This is the ministry’s third bond issuance this year, after raising a total of US$5.4 billion through the first two issuances. The MOR completed construction on eight high-speed railways in 2010, or 1,554.3 kilometers of track, and started construction on 18 high-speed railways that year. The MOR plans to invest RMB745.5 billion (US$115.3 billion) in fixed assets in the railway sector in 2011.