Railway infrastructure investment will reach 520 billion in 2013

On the 17th, Minister of Railways Sheng Guangzu addressed the National Railway Work Conference, outlining the railway construction plan for the next three years following the "Twelfth Five-Year Plan." He revealed that in 2013, the national railway system will allocate 650 billion yuan in fixed asset investments, with 520 billion yuan designated for capital construction. This includes the development of over 5,200 kilometers of new railway lines. According to insiders, six major funding channels have been identified for 2013. These include expanding the scope of the railway construction fund, maintaining a bond issuance of 150 billion yuan, increasing budgetary support, enhancing bank credit, reforming freight rates, and mobilizing funds from local governments and private investors. In 2011, railway infrastructure investment reached 461 billion yuan, rising to 516 billion yuan in 2012. The Twelfth Five-Year Plan aims to see a total of 2.6 trillion yuan invested in railway infrastructure. By 2015, the country's railway network is expected to reach 120,000 kilometers, with high-speed rail lines exceeding 40,000 kilometers and western region railways reaching 48,000 kilometers. This means that after the Twelfth Five-Year Plan, an additional 1.3 trillion yuan will be invested, with more than 20,000 kilometers of new tracks added to service. Sheng Guangzu emphasized that key projects like the Jin-Qin, Xi-Bao, Ning-Hang, and Hangzhou-Ningbo passenger lines will be completed on schedule. New projects will also be initiated, with accelerated preliminary work and quicker commencement of construction. Wang Mengshu, an academician at the Chinese Academy of Engineering, noted that this year’s new projects are expected to exceed last year’s numbers. “If conditions allow, construction will begin sooner,” he said. As of the third quarter of 2012, the Ministry of Railways had assets totaling 4.3 trillion yuan and liabilities of 2.66 trillion yuan, resulting in an asset-liability ratio of 61.81%. With railway investment reaching a peak this year, funding remains a critical concern. However, Wang Mengshu expressed confidence, stating that “the funding issue this year is not significant.” Six main funding sources were confirmed for 2013. First, the railway construction fund will be expanded to include joint-venture railway companies, which could increase the fund by approximately 6 billion yuan, according to Professor Zhao Jian of Beijing Jiaotong University. Second, railway construction bonds will maintain their scale of 150 billion yuan, possibly issued earlier in 2013. Third, budgetary investment will be increased, with some reallocation within the infrastructure sector. Fourth, banks are expected to provide stronger credit support due to the recognition of the importance of railway development. Fifth, freight rate reforms will be implemented, including modest increases in freight charges and the elimination of unreasonable fees. Finally, local governments and private investors will play a greater role in financing railway projects. Sheng Guangzu also highlighted the importance of implementing policies to encourage private capital investment in railways. He called for the establishment of a national railway development fund and the creation of platforms to attract social and private capital, promoting a more diverse range of railway investors.

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