business

China’s fixed-asset transport investment crosses trillions

BEIJING, Dec. 27 (Xinhua) — China’s fixed-asset investment in transport is forecast to reach over 3.42 trillion yuan (about 523.47 billion U.S. dollars) this year, according to a national transport work conference.

In breakdown, railway sector investments will likely reach 778 billion yuan, and that on civil aviation will hit 105 billion yuan. Road and waterway construction will take up the largest share of investments, with over 2.54 trillion yuan, said the conference.

The country will invest about 2.4 trillion yuan in the transportation industry in 2021, said Minister of Transport Li Xiaopeng.

China is forging ahead in developing a comprehensive and multidimensional traffic network that is intelligent, safe and green to become a world leader in the field, according to a white paper released on Tuesday.

By the end of 2019, China had 139,000 km of rail track, of which high-speed lines represented 35,000 km. It also had a total of more than 5 million km of highways, of which expressways represented 150,000 km, according to the white paper.

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