China to Speed Up Building High Speed Rails as Targets are Far from Being Complete
China is speeding up their efforts in building high speed rails as annual investment targets are far off from being complete. China’s northernmost high speed railways started its operations in Heilongjiang Province in which the trip from Harbin City to Qiqihar City is reduced to 85 minutes down from three hours.
Another railway, which link Jinan City and Qingdao City in East China’s Shandong Province, has started and local government is raising 80 percent of 60 billion yuan investment as other projects that were primarily funded by China Railway Corporation. So far China invested 265 billion yuan in constructing domestic railways for the first half of 2015, which is up by 12 percent compared to the same period last year. Furthermore an additional 2,226 kilometers of new rail lines were placed into service.
During the start of 2015, China targeted to invest around 800 billion yuan in construction of railways thus creating 8,000 new tracks, meaning the country will be spending more than 500 billion yuan on railway and servicing of 5,000 kilometers of new lines before the year ends. As the government pushing with railway development with all efforts, railway construction will boom during the second half of the year.