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China Boosts Rail Spending for Third Time to Revive Growth

China boosted plans for spending on railway construction this year to 496 billion yuan ($78 billion), according to China Railway Group Ltd., as the government seeks to revive flagging economic growth.

Spending on new railways will total at least 67 billion yuan a month until the end of the year, Bai Zhongren, president of state-controlled China Railway Group, told reporters in Hong Kong today. The ministry has funding for the new plan, which is an increase from 470 billion yuan, he said.