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More rail bonds to fund investment spree

(Agencies)
Updated: 2008-11-28 10:31

China's Ministry of Railways, expects to sell at least 100 billion yuan ($14.6 billion) worth of construction bonds next year to finance a huge expansion of the country's rail network, a deputy minister said on Thursday.

The proceeds will help fund a big rail investment program that is at the heart of the government's 4 trillion yuan ($586 billion) economic stimulus plan announced on Nov 9.

Deputy Minister Lu Dongfu said the ministry would spend 700 billion yuan in 2009 on rail construction, up from 330 billion this year, and in the course of 2009 and 2010 it would embark on investment projects worth 2 trillion yuan in total.

"China Railway bonds have a high rating and a low financing cost, and we plan to issue at least 100 billion yuan of bonds next year," Lu told a news conference to outline spending plans.

He said the final size would be decided by the National Development and Reform Commission, which has given the ministry approval to issue a total of 80 billion yuan of bonds this year.

The ministry, which acts as a corporation in the debt market, sold 60 billion yuan of bonds in 2007.

Looking further ahead, Lu said the ministry had added 20,000 km to its previous plan to build 30,000 km of track by 2020.

In addition to floating bonds, the ministry would draw on money from the government's budget and its own funds to finance the ambitious construction programme.

"Many local governments are very eager to invest in railway projects because they can be very effective in boosting local economic growth," Lu said.

He added that the ministry would welcome private capital, even from overseas, to help fund the construction spree, but he did not elaborate.