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08:08, 02-Jan-2018
China meets 800 billion yuan railway investment target in 2017
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Thanks to Chinese authorities continuing to promote railway construction, the country met its annual target for increasing railway investment in 2017.
In 2017, China spent 801 billion yuan (about 123 billion US dollars) on railway projects and put 3,038 km of new track into operation, meeting its annual target of 800 billion yuan of investment and smashing its goal of 2,100 km of new lines, according to China Railway Corporation.
By the end of 2017, the total mileage of China's operating railways reached 127,000 km.
Among the total, high-speed railways rose to 25,000 km from 22,000 km at the end of 2016.
The growth of railway construction projects came at a time when the country is enduring continuous deceleration in the growth of fixed-asset investment.
In the first 11 months of 2017, fixed-asset investment grew by 7.2 percent year-on-year, down from 8.3 percent during the same period of 2016.
China will invest steadily in transport development this year, equal to 2017, Minister of Transport Li Xiaopeng said in late December, citing the main transport target for 2018.
According to Li, in the coming three years, transport will play a bigger role in eradicating poverty and achieving greener, safer development.
Source(s): Xinhua News Agency