China expects more transport investment

BEIJING -- The Chinese transport sector is poised to attract 2.6 trillion yuan ($425 billion) of investment for this year as authorities strive to accelerate infrastructure construction.

"The transport sector showed signs of improvement in the first half. If there are no major changes, we are very confident of realizing 2.6 trillion yuan of investment this year," Transport Minister Yang Chuantang said in a press release posted on the ministry's website on Thursday.

The investment would represent a slight increase from the more than 2.5 trillion yuan of fixed asset investment in railways, roads and waterways in 2014.

The ministry will stick to the central government's general requirement on stabilizing economic growth by fully leveraging the transport sector's potential in steadying the economic momentum, Yang said.

In the first five months, investment in railways, roads and waterways hit 698.7 billion yuan, up 15 percent year on year. The growth rate was 10.3 percentage points higher than in the same period last year, according to the ministry.

The State Council, China's cabinet, said on Wednesday that the country is in good shape to realize its major economic and social development targets this year, citing increasing positive signs in the economy in the last two months.

It said it would also inspect railway, road and water projects so that they are fast-tracked.