China to boost railway construction in next five years

      China will spend about 2.8 trillion yuan (460 billion U.S. dollars) on railways and construct no less than 23,000 kilometers of new track in next five years, according to the Economic Information Daily on Friday.

      Central and western China and intercity railways will be prioritized in the 13th Five-Year Plan (2016-2020).

      Fixed asset investment in railways is expected to hit 3.5 trillion yuan in the 12th Five-Year Plan period which ends this year, far above the plan's target of 2.8 trillion yuan.

      The State Council will invest about 800 billion yuan in railway and put 8,000 kilometers of new line into operation this year. Fixed asset investment in railways has been climbing at an annual rate of 11.3 percent on average from 2011 to 2014.

      In next five years, northwest China's Shaanxi Province plans to invest about 250 billion yuan to improve the rail network, build some 4,600 kilometers of new track and increase mileage to 7,000 kilometers.