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03.15.2013 18:37

New Railway Company Assumes Ministry's Debts and Assets

State Council lays out plans for new firm that will handle commercial operations of former rail agency
By staff reporter Wang Yong
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(Beijing) – The State Council says the new China Railway Co. will inherit the assets, debts and personnel of the former Ministry of Railways.  

The cabinet's policies for establishing the commercial arm of the ministry were posted on gov.cn, the central people's government website, on March 14.

A ministry source had said its huge debt burden would not be shouldered by the new company alone because some of the debts were incurred as a result of providing public services, and it would be against the goal of restructuring to saddle the new business with government liabilities.

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