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China’s transport investment remains stable in Jan-Sept

Updated: Oct 28,2018 9:34 PM     Xinhua

BEIJING — China’s fixed-asset investment (FAI) in transport posted steady growth in the first three quarters of this year, in line with government plans, the country’s transport ministry said.

FAI increased 1.4 percent year-on-year to reach 2.28 trillion yuan (about $328 billion) in the period, Wu Chungeng, spokesperson of the Ministry of Transport (MOT), told a press conference.

Investment in the country’s roads and waterways reached 1.65 trillion yuan in the first three quarters, bringing in over 90 percent of the annual target.

MOF data shows that FAI on expressways had expanded 12 percent year-on-year to 702.6 billion yuan within the first nine months.

By 2020, China aims to have a modern transportation system that is safe, convenient, efficient and green.

The country plans to spend around 2.6 trillion yuan on transport infrastructure in 2018, with goals to further expand railway and road networks, especially in poverty-stricken areas.