China to boost railway construction with $460 billionStaff writer ▼ | December 1, 2015
China will spend about 2.8 trillion yuan ($460 billion) on railways and construct 23,000 kilometers of new track in next five years, according to the Economic Information Daily.
Transport in China 23,000 kilometers of new track in next five years
Fixed asset investment in railways is expected to hit 3.5 trillion yuan in the 12th Five-Year Plan period which ends this year, far above the plan's target of 2.8 trillion yuan.
The State Council will invest about 800 billion yuan in railway and put 8,000 kilometers of new line into operation this year. Fixed asset investment in railways has been climbing at an annual rate of 11.3 percent on average from 2011 to 2014.
In next five years, northwest China's Shaanxi Province plans to invest about 250 billion yuan to improve the rail network, build some 4,600 kilometers of new track and increase mileage to 7,000 kilometers.
East China's Fujian Province has an plan to invest nearly 160 billion yuan to in 1,374 kilometers of track, more than the length of all existing express line in the province. ■