USD68 Billion in IC Rails in Greater Bay Area Get State Planner's Nod
Tang Shihua
DATE:  Aug 04 2020
/ SOURCE:  Yicai
USD68 Billion in IC Rails in Greater Bay Area Get State Planner's Nod USD68 Billion in IC Rails in Greater Bay Area Get State Planner's Nod

(Yicai Global) Aug. 4 -- China’s State Planner the National Development and Reform Commission has set its seal on a plan by the Guangdong-Hong Kong-Macau Greater Bay Area to spend up to CNY474.1 billion (USD68 billion) to build an intercity rail network spanning its major cities in the next five years to ensure a one-hour travel time within it.

The blueprint foresees construction of 13 new intercity rail lines, upgrading of five transit hubs, and the laying of 775 kilometers of new rail lines in the area, the approval document the NDRC posted on its website today shows.

The projects seek to lure private investment, with the provincial and city governments pledging to shoulder half of the cost to the tune of CNY237.1 billion from local fiscal budgets and to take out bank loans to cover the rest if the combined public and private investment in the project’s joint venture proves insufficient.

The first phase of the construction, which involves almost half of the projects, is set to start before the end of 2022, per the document.

Editor: Ben Armour

 

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Keywords:   Intercity Rail Network,Construction Project,NDRC,Greater Bay Area