Published on : Tuesday, February 21, 2017
China has plans to allocate as much as $117 billion for the expansion of the world’s second largest railway network by adding 35 new projects for the second consecutive year. With this impressive new project, the country aims to check the slowdown of the economy with the aid of some massive investments.
The construction of all these 35 railway networks would commence in 2017, according to the local news media.
According to an official news report, some officials have said that construction would start on 2,100 km of new railway lines, 2,500 km of double track lines and also 4,000 km of electrified lines this year.
The report also asserted that China Railway Corporation (CRC) has been allocated a budget of nearly $117 billion by the central government of China, and it is exactly the same as it was in the year 2016, with an aim to achieve the railway network targets.
Earlier, Yang Yudong who is the Vice President said that China would be spending approximately 3.5 billion yuan on the construction of railway during the 13th Five Year Plan Period (2016-2020).
Within the year 2020, China would increase the length of its high-speed railways in operation to about 30,000 kms. This network is known to connect over 80% of the big cities of China.
Already, the country had a 124,000 km railway network.
It features the largest high-speed rail network of the world with a network of over 22,000 km till last year.
The $117 billion railway expansion plan also implies that China is quite keen to rely on its investment-enriched growth plan to boost the economy. The Chinese economy had slumped down to 6.7% from 6.9% in 2015 and experts feel that this slowdown would continue for some time now.