China is set to slow down building new tracks for the expansion of its rail system this year, which will be done for the first time in five years, according to a report released Wednesday, Jan. 27, by domestic financial news portal caixin.com.
Citing a source from China Railway Corp. (CRC), the report said that although the length of new tracks set to open in 2016 will exceed 3,200 km, including 1,300 km of high-speed railway, the total number will be reduced by 66.4 percent from 2015.
According to caixin.com, the nation's rail system started expanding in 2012 at a generally stable pace, with new investment taking an average of more than 600 billion yuan ($91.2 billion) annually and covering 5,000 km of new tracks each year.
The report said that in 2015, new investment swelled to 823.8 billion yuan and the network in the Chinese mainland grew by 9,531 km.
The CRC source said that the anticipated 2016 deceleration of the expansion may be attributed to a base of comparison dating back to 2011 and 2012, as the source noted that the new tracks set to open in 2016 represent investments made three to four years ago.
The report said that the development of new railways in 2011 was made from an investment of 590.6 billion yuan.
Despite this, China continues to dominate the world in terms of railway record as the country's high-speed trains have covered tracks totaling 19,000 km last year, accounting for first place and 60 percent of the total mileage of high-speed trains in the world, according to a report by China Daily.
In addition, the country has invested 82 million yuan ($12.5 million) on fixed assets to operate 9,531 km of newly built train lines, which include 3,306 km of tracks for high-speed trains.
The CRC said that the railway network covers almost all cities with population of more than 500,000 in the country. Between 2011 and 2015, a total 10.6 billion trips were made by rail, the report said.
From 2011 to 2015, a total of 358 billion yuan has been invested into railway fixed assets, a 47.3-percent increase on the 11th Five-Year period.
In addition, some 30,500 km of new lines have also been completed, up 109 percent on the 11th Five-Year period.
China also plans to help build a railway network that will connect countries in Southeast Asia such as Thailand, Laos and Vietnam, connecting Singapore with China.