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 announced that in 2013, the national railway system would allocate 650 billion yuan in fixed asset investment, with 520 billion yuan designated for capital construction. This includes the development of over 5,200 kilometers of new railway lines. According to officials, six major funding channels were identified to support railway infrastructure in 2013. These include expanding the scope of the railway construction fund, maintaining the issuance of 150 billion yuan in railway bonds, increasing budgetary support, enhancing bank credit, reforming freight rates, and mobilizing funds from local governments and private investors. In 2011, railway infrastructure investment totaled 461 billion yuan, rising to 516 billion yuan in 2012. Under the Twelfth Five-Year Plan, total investment is expected to reach 2.6 trillion yuan. By 2015, the national railway network is projected to exceed 120,000 kilometers, with high-speed rail lines surpassing 40,000 kilometers and western railways reaching 48,000 kilometers. This means that after the plan, an additional 1.3 trillion yuan will be invested, with more than 20,000 kilometers of new lines added. Sheng Guangzu emphasized that key projects such as the Jin-Qin, Xi-Bao, Ning-Hang, and Hangzhou-Ningbo passenger lines would be completed on schedule. New projects would also be initiated, with accelerated preliminary work and faster implementation of construction plans. Wang Mengshu, an academician of the Chinese Academy of Engineering, noted that the number of new projects this year would be higher than last year, stating, "If conditions are met, construction will start sooner." As of the third quarter of 2012, the Ministry of Railways had total assets of 4.3 trillion yuan and liabilities of 2.66 trillion yuan, resulting in an asset-liability ratio of 61.81%. With 2013 marking a peak in railway investment, funding remained a central concern. However, Wang Mengshu expressed confidence, saying, "The funding issue this year is not a big problem." Six main funding sources were confirmed for 2013. First, the railway construction fund would be expanded, potentially including joint-venture railway companies. Second, railway bonds would maintain their scale at 150 billion yuan. Third, budgetary investment would be increased, with some financial support directed toward railway projects. Fourth, banks would provide stronger credit support due to the recognized importance of railway development. Fifth, freight rate reforms would take place, with adjustments to both freight and passenger fares to improve profitability. Lastly, local governments and private investors would contribute additional funds. Sheng Guangzu also highlighted the need to implement policies encouraging private capital in railway investment, aiming to establish a national railway development fund and create platforms for social and private investment. This move is expected to diversify railway investment and promote sustainable growth.

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