China’s spending on railway sector drops 2.5% y/y in Jan-Aug 2018
China's spending on its railway sector has dropped by 2.5% on an annual basis to CNY 449.6 billion between January and August 2019, South China Morning Post-G-China reported referring to data revealed by the country’s economic planning agency. The decline was explained with the fact that currently all major towns in China are now covered by an extensive railway network.
In August alone, spending went down by 27.1% year-on-year. In the meantime, according to Meng Wei, a spokeswoman for the National Development and Reform Commission (NDRC), China is on schedule to achieve its whole-year target of CNY 800 billion investment in the field.
The abrupt fall in spending came after a decade-long building spree which has given Beijing two-thirds of the world's high-speed rail tracks. Thus, now there is less room for future development, South China Morning Post-G-China underlined.Original source: South China Morning Post-G-China