China invests $479b in transport sector in 2018

2019-03-02
Xinhua

BEIJING — Fixed-asset investment (FAI) in China’s transport sector totaled 3.2 trillion yuan (about $478.9 billion) last year as the country continued to spend on infrastructure construction, official data showed.

In breakdown, FAI in railways stood at around 800 billion yuan, that in roads and waterways reached 2.3 trillion yuan, and that in civil aviation was 80 billion yuan, according to the Ministry of Transport.

More than 2,600 km of high-speed railways and 6,000 km of expressways were built and put into use last year.

The cost of logistics was reduced by around 98.1 billion yuan, and transport capacity also increased.

New industries continued to develop, with the number of daily average trips made by users of online ride-hailing services and shared bikes reaching 20 million and 10 million respectively, according to the ministry.

Total FAI in China rose by 5.9 percent year-on-year in 2018, partly due to government measures to improve infrastructure, according to the National Bureau of Statistics.