China lays tracks for US$104b in FAI
Print Edition
China has earmarked 630 billion yuan (US$104 billion) for fixed-asset investment to develop the railway industry, especially in the less-populated central and western regions, this year.
The amount is a drop from the fixed-asset investment of 663.8 billion yuan last year, during which a number of key projects, such as the Shenzhen-Xiamen link, were launched, said Sheng Guangzu, general manager of China Railway Corp.
The national railway operator plans to put more than 6,600 kilometers of rail line into use this year, focusing on the inland less-developed western regions, compared to 5,586 kilometers in 2013, Sheng said.
By the end of last year, the total length of China’s rail lines in operation had passed 100,000 kilometers, including 10,000 kilometers of high-speed rail, official data showed.
The heavily indebted China Railway Corp will also accelerate reforms in investment and financing by allowing non-state companies to own or operate regional intercity railways. It will encourage local governments and the private sector to construct railways and operate them through equity investment, asset restructuring or franchising.
A recent GF Securities report said the railway is likely to be one of the first tightly-controlled sectors the government is set to introduce market competition, which will lead to further investment in infrastructure and benefit train makers and other equipment suppliers.
Sheng said China Railway Corp, one of the government’s largest borrowers, is also working to set up a rail development fund to diversify financing channels to guarantee funding for construction.
In 2014, China expects 2.27 billion people to travel by rail, up 10 percent from last year, the operator said.
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