China boosts railways spending to help reverse slowing economic growth

China's ministry of railways has announced plans to raise spending on railways and bridges this year to CNY470 billion ($74 billion), according to a bond prospectus.

This marks the second increase in July for a combined 14% rise in planned railway spending compared to earlier announced figures for the year.

A prospectus dated July 3 that said planned spending for 2012 was CNY406 billion , according to industry reports.
It said the ministry also plans to sell CNY22 billion in 10-year bonds and CNY5 billion in 15-year bonds, according to the prospectus posted to the Chinese government's bond clearinghouse website.