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China to Spend $120 Billion on Rail Projects in 2019

By Mo Yelin / Mar 05, 2019 11:51 AM / Economy

Photo: VCG

Photo: VCG

China will invest 800 billion yuan ($119.38 billion) in the rail sector for 2019, Premier Li Keqiang said in his annual government work report on Tuesday.

The goal was slightly higher than the target of 732 billion yuan for 2018.

A total of 4,100 kilometers (2,548 miles) of new high-speed railways were added in 2018, according to Premier Li.

In 2017, the Transportation Ministry said China planned to spend 3.5 trillion yuan in the railway sector as part of the country’s 13th Five-Year Plan, which charts development goals for 2016-2020. Under the plan, the government will build 30,000 kilometers of new track over five years, expanding the country’s railway network to a total of 150,000 kilometers

Related: China Rail to Lay Groundwork by Year End for Beijing-Shanghai IPO

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