China Railway Construction Corporation says subsidiaries have won contracts totaling about 25 billion yuan for rail construction in southern China. That's around $3.7 billion.

The deals come as China steps up spending to bolster the country's economy and infrastructure. In a stock exchange filing, the company said the value of the contracts is equivalent to 14 percent of the company's 2007 sales under domestic accounting standards.

(CCTV December 24, 2008)