382. MASSIVE RAILWAY BUILD IN CHINA
It's nice to read about a country which doesn't spend all of its national energy saving financial players, and endlessly griping in the blogosphere. Confronted with the current economic problems, the Chinese roll up their sleeves and get to work. The figures in this very interesting article will blow your mind:
China has long had plans for laying 120,000 km worth of railways by 2020, but as the global economic slowdown begins to bite, it looks as though the money will be spent faster than planned to help speed flagging economic growth in China.Converting the figures (at 6.8 yuan to the dollar) we get: $60 billion in new rail projects announced in Sept/Oct, $77 billion spent on rail in the last 5 years, $515 billion to be invested in the next three years, and 150 rail projects under construction worth $235 billion.
In September and October, the Ministry of Railways announced eight new railway projects in various parts of the country. Their investment has added up to 405 billion yuan, equaling 78 percent of the total investment that China poured into railway construction from 2003 to 2007.
In the past five years, the total investment for the railway infrastructure was 522 billion yuan, Minister Liu Zhijun told a working conference in January.
The start-up of the eight railway projects in a short period of time is the beginning of a railway construction boom.
The ministry's planning department chief Yang Zhongmin says about 3.5 trillion yuan will be invested on railway projects in next three years.
At present, 150 railway projects are under construction, involving an investment of 1.6 trillion yuan, he says.
Damn! That's my kind of bailout. It makes you wonder why the US can't do something like that. Assuming that they wanted to, are the Americans even capable of rolling out a large rail project? I'm thinking: probably not.
It's clear that China is paying attention, and making the moves they need to make to thrive in the 21st century. Meanwhile, the US is blogging up a storm on all the doom sites. It seems that much of the angst about TEOTWAWKI (The End Of The World As We Know It), is really more about TEOAAWKI (The End Of America As We Know It).