China plans to cut spending on its rail system to about $63B in 2012, a 40% drop from what it...

|By:, SA News Editor

China plans to cut spending on its rail system to about $63B in 2012, a 40% drop from what it earmarked for 2011, according to the railway minister. China is the gorilla in rails worldwide, providing much of the business for the industry, but the rail system there is tottering under a mountain of debt as well as poor construction and other safety concerns.