China demands recompense after Mexico suspends rail project
Mexican budget minister Luis Videgaray said that the “indefinite suspension” was the result of falling oil prices and the need to cut public spending.
BEIJING, China — The Chinese government has called on Mexico to respect the legal rights of Chinese firms after the Mexican finance ministry suspended the now-infamous $3.7 billion high-speed rail project, Global Construction Review reported.
RELATED: Mexico cancels high-speed rail contract with China-led group
Mexico needs to “value and properly cope with the huge manpower and money Chinese enterprises invested in the project bid, and carry out measures for further bilateral cooperation,” said a spokesperson for the National Development and Reform Commission, China’s top economic planning body, official news agency Xinhua reported.
Mexican budget minister Luis Videgaray announced January 30 that the “indefinite suspension” was the result of falling oil prices and the need to cut public spending. The federal government derives about a third of its revenue from the oil sector, according to the report.
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