Off the wire
• Israel legalizes force-feeding of Palestinian hunger striking prisoners  • Morocco promotes cooperation within Africa with fund support  • Japanese media slashes gov't "China threat" tactics as "dangerous gamble"  • China treasury bond futures close lower Thursday  • Roundup: Western delegations visit Iran one after another to seek cooperation opportunities  • Chinese traditional, new media rapidly converging: report  • China Hushen 300 index futures close lower Thursday  • Malaysian official says debris found still cannot be confirmed as from Boeing 777  • News Analysis: Weak commodity prices add uncertainty to Chinese economy  • 23 confirmed dead in army helicopter crash in Laos  
You are here: 　 Home

Fund set up to boost urban rail traffic in China

Xinhua, July 30, 2015 Adjust font size:

A fund was set up Thursday by China Communications Construction Company Limited and China Potevio Company Limited, both state-owned, to finance urban rail networks.

The fund will support sustainable growth of rail traffic, and play an active role in the 13th Five-Year Plan (2016-2020) and the Belt and Road Initiative, said Xing Wei, president of China Potevio.

The fund will target subway construction in Harbin in northeast China's Heilongjiang Province and Qingdao in east China's Shandong Province.

China will launch more urban rail projects in 2015-2017 with the planned length totaling more than 3,000 km, said Li Guoyong, an official with the National Development and Reform Commission, China's top macro-economic planner, in June.

In the first four years of the 12th Five-Year Plan (2011-2015), the country spent 860 billion yuan on urban rail with the length at 1,600 km. This year, the country is expected to spend 300 billion yuan and build 400 km, according to Li. Endi