By Li Hongmei

The Chinese Railway Corporation (CRC) plans to allocate 630 billion yuan (US$104.2 billion) to invest in fixed assets in 2014, with new railway construction estimated to be more than 6,600 kilometers, CRC General Manager Sheng Guangzu revealed at the company's work conference in Beijing, which was the first since it was founded in March 2013. 

Market observers stated that the actual spending was usually higher than the planned amount, so railway investment was projected to surpass 700 billion (US$115.8 billion) this year, according to the Chinese-language China Securities Journal.

The investment in the railway fixed assets was likely to post moderate and stable growth in the following years.

CRC data showed that the combined operational mileage of the railways has been in excess of 100,000 km in China since 2013, including about 10,000 km in high-speed rail. The total passenger volume was recorded at over 2 billion.

In 2014, the company expects to deliver 2.27 billion passengers, up by 10%, and ship 3.28 billion tonnes of goods, up by 2%.

The conference held on Jan. 9 also noted that new construction would focus on Central and West China, with 44 new projects being launched this year.

Wang Mengshu, a scholar at the Chinese Academy of Engineering, said the new projects that would begin construction in 2014 included the Beijing-Shenyang high-speed rail and the Beijing-Zhangjiakou Railway, reported the Guangzhou-based 21st Century Business Herald.

However, the investment budget was reduced by 33.8 billion yuan (US$5.6 billion) in 2014 compared with a year ago, even though construction for an additional 1,014 km of railways was expected to be laid in 2014.