China railway investment grew in 2015 despite slowdown
Even though China’s economic growth is slowing down, the country increased its investment in railways in 2015, reported state news agency Xinhua.
This year, China spent 820 billion yuan ($126 billion) on rail projects and put more than 9,000 kilometers of new track into operation, meeting its annual targets of 800 billion yuan investment and 8,000 kilometers of new lines, according to China Railway Corporation.
With a newly completed high-speed railway track in the southern Hainan Province, China now has 19,000 kilometers of high-speed rail.
Even as the country endures continues deceleration of growth in its investment in fixed assets, railway construction projects have experience fast growth. In the first 11 months of 2015, fixed-asset investment grew 10.2% year over year, down from 13.9% growth seen at the beginning of this year.
For the first half of the 2015, China reported that gross domestic product had grown 7%, but in the third quarter, economic growth slowed to 6.9%. For 2016, China expects GDP to grow 6.5%.