China Puts Railways At Heart Of Stimulus Plan

From Reuters:

China is preparing steps to boost domestic demand, including more spending on railways, to help cushion the impact of the global credit crisis, a senior official said on Saturday.

The package of measures will be finalised at next month’s Central Economic Work Conference, at which top policy makers will chart policy for 2009, Zheng Xinli, vice-head of the ruling Communist Party’s Policy Research Office, said.

“China will roll out some very important measures to boost domestic demand next year,” Zheng told reporters on the sidelines of an economic forum.

He said China still had potential to increase consumption further, but rapid growth in household spending in recent years meant the scope was limited.

Policy makers were concentrating instead on stepping up investment in industrial projects and infrastructure, particularly railways, and at relaxing curbs on the property sector.

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