China cuts spending on railways

China will cut railway investment this year after a massive push to expand the country's high-speed network raised concerns over the government's heavy debt burden, state media said Friday. The railways ministry will invest 745.5 billion yuan ($114.8 billion) in 2011, with 600 billion yuan to be spent on infrastructure construction, the official Xinhua news agency said, citing ministry spokesman Wang Yongping.
Spending hit 823.5 billion yuan in 2010, previous state media reports said. Wang said "the arrangement was a proper one because it reflects the continuity of railway construction and meets the capital demands of projects under construction".