China plans 2.6 trillion yuan of transport investment in 2017

BEIJING -- China will spend at least 2.6 trillion yuan ($376.81 billion) on transport infrastructure projects this year, data from the transport ministry showed Monday.

That will include 800 billion yuan on railways, 1.65 trillion yuan on roads and 150 billion yuan on waterway transport, Minister of Transport Li Xiaopeng said at a press conference.

Li said that during the 13th Five-year Plan period (2016-2020), 15 trillion yuan will be channeled to transport infrastructure projects, including 3.5 trillion yuan on railways, 7.8 trillion yuan on roads and 500 billion yuan on waterway transport.

Following the completion of these projects, China will have extended its railway network by 30,000 kilometers, more than one third of which will be high-speed railways, added 320,000 km of roads and built more than 50 new civil airports, Li said.

By 2020, China will have a modern transportation system that is safe, convenient, efficient and green, he said.

The country also targets the use of 200,000 new energy buses by 2020, up from more than 160,000 at the end of 2016.