China to invest 800b yuan in railway network in 2016
[SHANGHAI] China will invest 800 billion yuan (S$175 billion) in fixed assets in 2016 as part of ongoing efforts to expand its railway network, the official Shanghai Securities News reported on Monday.
State-owned China Railway Corp expects to boost passenger traffic by 10 per cent and freight volume by 2 per cent in 2016, the paper quoted the firm's general manager Sheng Guangzu as saying at a conference on Sunday.
China Railway invested 823.8 billion yuan in 2015, building 9,531km of new lines which included 3,306km of high-speed rail, according to the Shanghai Securities News.
China has been rapidly expanding its railway network over the past years. Total fixed asset investments reached 3.58 trillion yuan during 2011 to 2015 and about 30,500km of new lines were added during that period, the paper said.
Mr Sheng also said that the China Railway would try to win more contracts overseas this year, including the Moscow-Kazan and Kuala Lumpur-Singapore high-speed rail projects.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
China's largest auto show displays all-electric future, local brands dominate
Toyota hits record annual output, sales on robust demand
Nissan, Mazda roll out new models for China as they aim for comeback
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’