Caixin reports that China Railway Corp, which runs the nation’s railroads, said it had debt of RMB 4.14tn as of the end of March, up 10.4% from the same period in 2015. The announcement appeared in a first quarter audit report written by a firm hired by the CRC. The CRC reported a net loss of RMB 8.73bn in the first quarter, up 35.1% year-on-year. Drops in rail freight were the biggest reason for the company’s losses. The amount of rail freight fell by about 10% in 2015 from a year earlier, the largest decline the country has ever seen.