(Yicai) Dec. 11 -- China’s railway fixed-asset investment is on track to hit a new record of over CNY900 billion (USD127.4 billion) this year, building on last year’s all-time high. This brings the cumulative investment during the 14th Five-Year Plan, which covers the years from 2021 to 2025, to nearly CNY4 trillion (USD566.4 billion).

Railway construction advanced in a high-quality and efficient way from January to November, China State Railway Group said on its WeChat account yesterday. Railway fixed-asset investment nationwide climbed 5.9 percent from a year earlier to CNY753.8 billion (USD106.8 billion), effectively driving investment across society and providing strong support for high-quality economic and social development.

The country’s fixed-asset investment in railways grew rapidly last year, soaring 11.3 percent year on year to a record high of CNY850.6 billion (USD120.5 billion). This year, total investment in railways is likely to exceed CNY900 billion, if the growth rate of 5.9 percent logged in the first 11 months continues.

Railway investment nationwide amounted to CNY3.07 trillion (USD435 billion) in the four years from 2021 to 2024. Specifically, CNY748.9 billion (USD106 billion) was invested in 2021, CNY710.9 billion in 2022, CNY764.5 billion in 2023, and CNY850.6 billion in 2024.

With 2025 being the last year of the 14th Five-Year Plan, this means that over the full five years, fixed-asset investment in railways will be close to CNY4 trillion, similar to the amount invested during the 13th Five-Year Plan, which ran from 2016 to 2020.

A large number of railway projects have been accelerated this year, according to the timelines announced in the 14th Five-Year Plan. Some are scheduled to open on time this year, while others will start construction before the end of this year. This positive progress has helped keep railway investment at a high level throughout the year.

Editor: Kim Taylor