China to invest 800 bln yuan in railway, 1.8 tln in highways in 2020
China plans to invest 800 billion yuan (about 114.38 billion U.S. dollars) in the railway system, 1.8 trillion yuan in highways and waterways, and another 90 billion yuan in the civil aviation, the Ministry of Transport said on Thursday in its 2020 infrastructure investment plan.
According to the Ministry of Transport, since the business environment in China has improved, the overall logistics cost in transportation sector is expected to be reduced by 80 billion yuan, and the tax reduction and fee cut in civil aviation to reach 9 billion yuan.
Besides, it is estimated that the investment in fixed assets for transportation will be 3,213.5 billion yuan in 2019.
As results of the efforts in improving infrastructures, the Ministry of Transport estimated the addition of 8,000 kilometers of railways, 330,000 kilometers of highways, 385 kilometers of high-grade fairways and 5 civil transportation airports were constructed in 2019.
Regarding the deployment of transportation work in 2020, the Minister of Transport Li Xiaopeng said it is necessary to further deepen the supply-side structural reform of transportation, speed up the filling of short boards and reduce the logistics costs.
''We must vigorously develop multi-modal transport and deepen the application of ETC (Electronic Toll Collection) technology,'' said the Minister.
As of December 18, the total number of ETC customers nationwide reached 192 million, with 110 million new ETC customers.
In 2018, China invested 802.8 billion yuan in the railway system, 2.3 trillion yuan in highways and waterways, and 195.8 billion yuan in civil aviation. In the beginning of 2019, China vowed to invest 850 billion yuan in the railway system.