China to invest $115b in railways

BEIJING, May 7 (Business Recorder): China will invest 745.5 billion yuan ($114.8 billion) in its railways in 2011, the official news agency Xinhua reported late Friday, despite media reports that the budget would be cut following the sacking of the country's rail chief in March.the news agency said China plans to lay 30,000 km of new tracks over the next five years, and investment is expected to reach 2.8 trillion yuan, 41.4 per cent higher than the 2006-2010.