China's railway infrastrucure investment up 28%

BEIJING - China's investment in railway infrastructure increased 28 percent to 54.51 billion yuan ($8.65 billion) in the first three months of 2013, the China Railway Corporation (CRC) said on Thursday.

The growth rate was slighter higher than the 20.9 percent registered in the first two months.

To reduce bureaucracy, the National People's Congress, China's parliament last month adopted a cabinet reshuffle plan which included the dismantling of the Ministry of Railways into administrative and commercial arms.

On March 14, the CRC, which took over the commercial functions of the former MOR, went into business.

The corporation said it is mobilizing resources to ensure the completion of key projects on schedule. The passenger lines between Nanjing and Hangzhou, Hangzhou and Ningbo, Tianjin and Qinhuangdao and Panjin and Yingkou have gone through technical examinations.

According to the national plan, China will invest 520 billion yuan in railway infrastructure this year and 5,200 km of new lines will be put into use.