China will invest 800 billion yuan or equivalent to $121.60 billion in fixed assets in 2016 as part of ongoing expansion efforts for its railway network, the official Shanghai Securities News reports. State-owned China Railway Corp expects passenger traffic to be boosted by ten percent and freight volume by two percent in 2016. China’s investment is capable of building 9,531 kilometers (5,922 miles) of new lines, 3,306 kilometers of which are high-speed rail.
Over the past years, China has rapidly expanded its railway network. In fact, total fixed asset investments has reached 3.58 trillion yuan from 2011 to 2015. During that same period, about 30,500 kilometers of new lines were added. Sheng, the general manager of the firm, said that the China Railway would try to win more contracts overseas this year. Some of the contracts they’re aiming for include the Moscow-Kazan and Kuala Lumpur-Singapore high-speed rail projects.
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