CRC head denies debt cancellation request

The general manager of China Railway Corporation (CRC) denied on Monday that the company is applying to the government for the cancellation of a large amount of debt, Beijing-based China News Service reported Monday.[Special coverage]

"China Railway Corp is not applying to the State Council for the elimination of its 2.6 trillion yuan ($423.21 billion) debt," Sheng Guangzu, a deputy of China's 12th National People's Congress (NPC) and general manager of CRC, was quoted as saying on Monday.

China is still working to invest in and construct high-speed railway overseas, Sheng told reporters on the sideline of a preparatory meeting for the second session of the 12th NPC.