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China to increase investment in railway construction

(Xinhua)
Updated: 2009-08-11 14:35

China plans to invest at least 700 billion yuan ($102.49 billion) per year in railway construction over the next three years, said Wang Zhiguo, vice minister of railways on Monday.

Related readings:  China Railway Construction bags 6.23b yuan order  China Railway Construction wins 28.12b yuan in bids  Govt sets $300b for railway construction  China issues $2.9b bonds for railway construction

"In the first seven months of this year, China invested 247.49 billion yuan in railway construction, up 136 percent year on year," said Wang, adding that the planned railway investment for 2009 is 600 billion yuan.

He said by the end of next year, about 20,000 km of new railways will be approved for construction, which will need an investment of at least two trillion yuan.

By the end of this year, China will have a total of 86,000 km rail lines, second only to America, according to Wang.