to reflect the cash-strapped local governments

Decline in investment but there are still opportunities for infrastructure investment in China this year than we expected before 2011 transport infrastructure investment in China fell 6% 10 months, nearly two-month fall markedly. So we cut railway investment forecast 2011 from $ 600 billion to $ 440 billion (down 38%). WeInvestment in fixed assets of urban public transport forecasting was reduced to $ 245 billion (up 4%), to reflect the cash-strapped local governments the old republic power leveling, and basic maintenance of Highway and waterway investment forecast. Fine tuning our two thousand twelve-thirteenths year capital expenditure forecast we expect, as railway construction activity returned to normal, 2012 and 2013 railway investment will pick upFrom $ 500 billion. In addition, we will two thousand twelve-thirteenths year waterway fixed asset investment forecast revised upward to $/166 billion yuan, while slightly lower investment in highway and urban public transport forecasting. ����We believe that swtor power leveling, in view of fiscal revenue and tight credit, local governments would give priority to the development of profitable projects. Downlink Twelve-Five planning, traffic, windInsurance May, traffic limited to publish its Twelve-Five plan and declared 35 period will invest about $ 6.2 trillion. While the risks to the plan seems to be biased downward, but we believe that the overall investment deviation will not be great. ����At the same time, water supplies, irrigation, and may attract more government investment in environmental projects. Stock inspiration: we are optimistic about China tiejian (601,186) andChina construction international we believe that the optimistic atmosphere, as well as pick-up in investments will contribute to the future valuation of 3-6 months promoted railway construction enterprises. But since the railway growth has peaked, these enterprises must be diversified attempts. In addition, we believe that strong financing ability of construction enterprise is capable of optimizing profitable projects. Tiejian we are optimistic about China and China construction international.Investment in China this year is lower than we expected 2011 during the first 10 months fell 6% China communication and transportation infrastructure investment, headed by rail and road was nearly two months to marked reduction in investment. In fact, railway investment fell by $ 15% to $, mainly due to the high speed rail accident and after the financing challenges faced by the Ministry of railways. In view ofRecent policy improvement and end of the bond issue, we will be 2011 before railway investment forecast by $ 600 billion in reduced $ 27% to $.