Thanks Zen for the quick news. It is why the stock is touching 37 cents currently. To break thru 40-c level, Midas needs to clinch high-speed train contracts. Hang on for the ride up!
China will hike railway spending by 64 billion yuan ($10 billion) to 580 billion yuan in 2012, the Ministry of Railways said, updating an investment plan published earlier this month.
The 12.4 percent increase from an initial 516 billion yuan of planned spending will see about 470 billion yuan spent on infrastructure, a rise of 15.8 percent from the original July 3 plan, according to a bond prospectus issued on
www.chinabond.com.cn
the government's bond issuance website.
The increase comes as Beijing has made a priority of fast-tracking of infrastructure projects to support a slowing economy - dented by deteriorating demand from debt-ridden Europe and lacklustre U.S. consumers - that is on course for its slowest full year of growth since 1999.
The government said on Monday it would make investments in key projects in a bid to encourage private sector finance to play a greater role in developing vital industry sectors including railways, utilities, finance and healthcare.
The announcement, made after a regular cabinet meeting, follows rules issued by China's top economic planning agency - the National Development and Reform Commission (NDRC) - to open up strategic industries presently dominated by state-owned companies to the private sector
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