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Guangdong to sink 30b yuan into rail projects in 2009

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-07 16:46

South China's Guangdong province is expected to pour 30 billion yuan ($4.38 billion) into railway projects this year, a provincial rail official said.

Fourteen railway projects are currently under construction and the province will kick off seven new projects this year, Caijing Magazine reported on its website, citing He Yuhua, chairman of Guangzhou Rail Group.

Total investment in the 21 projects would amount to 230 billion yuan, He said on the sidelines of the annual sessions of the National People's Congress (NPC) and Chinese People's Political Consultative Conference (CPPCC).

The massive investment, he said, is expected to create 1 million tons of steel, 6 million tons of cement and 300,000 jobs.

The length of the railway in the province will increase from the current 1,880 km to 4,200 km once all the projects are complete, said He, an NPC deputy.

The province is also planning another six rail projects, but He did not reveal financial details.

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Guangdong to sink 30b yuan into rail projects in 2009