(Yicai) Sept. 16 -- China’s railway investment is set to reach a record high this year and is likely to break through the CNY900 billion (USD126 billion) mark should annual growth rise to 5.8 percent, according to the latest data.

China’s railway fixed-asset investment climbed 5.6 percent in the first eight months from the year before to CNY504.1 billion (USD70.8 billion), according to data released by China State Railway Group on Sept. 14. This has helped spur social investment, boost domestic demand and promote sustained economic growth.

Several high-speed rail projects are set to be completed this year, the group said. This includes the Chongqing East to Qianjiang section of the Chongqing to Xiamen high-speed railway, the new Chongqing East Station and the renovation of the Shanghai South Station. Jiangsu Railway Group completed 10 key railway projects in the first half and it has 1,088 kilometers of track under construction, which is a record since the group’s founding.

Feasibility studies for several new high-speed railway lines, including the Shanghai-Hangzhou line, Wenzhou-Fuzhou line and Yining-Aksu line, have been approved, the National Development and Reform Commission said. Total investment in these projects amounts to CNY249.2 billion (USD35 billion).

Some CNY3.99 trillion (USD562 million) was invested in the railway network during the 13th Five-Year Plan, which ran from 2016 to 2020. And from 2021 to 2024, another CNY3.07 trillion was pumped in.

The 15th Five-Year Plan, which will run from 2026 to 2030, is currently being drafted. The railway development section will focus on improving the rail network, boosting transport efficiency and lowering logistics costs to better meet growing passenger and freight demand, An Lusheng, deputy director of the National Railway Administration, said earlier.

With the national railway framework largely in place, the focus of new construction has shifted towards filling the gaps, network expansion and strengthening connections, experts said. For example, the construction of railways in underserved regions in the west of the country, such as the Xinjiang to Xizang Railway, will become a key priority. At the same time, with nearly two decades of high-speed rail development in China, spending on equipment upgrades and replacements is expected to increase significantly.

Editor: Kim Taylor