China Railway Corp. (CRC), the country’s state railway operator, is accelerating its drive for corporate reforms and private investment to bolster business efficiency, General Manager Lu Dongfu said Wednesday.

CRC this year will step up debt-for-equity swaps and equity sales to attract new capital and reduce its debt ratio, Lu said. The company will also promote reforms to improve its corporate governance and management.

The rail operator is among dozens of China’s state-owned companies that have initiated so-called mixed-ownership reforms to invite private investors into state-controlled sectors.

In 2018, China completed 802.8 billion yuan ($116.8 billion) of fixed-asset investment in the railway sector, up 0.22% from the previous year and a three-year high. By the end of 2018, the country’s railway system totaled 131,000 kilometers, including 29,000 kilometers of high-speed lines, according to Lu.

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