(Yicai Global) Oct. 21 -- China plans to invest CNY120 billion (USD17 billion) on special railroad construction projects over the next two years to connect ports and logistics centers with industrial and mining companies, according to the nation's top economic planning agency.
Funding will come mainly from the project enterprises' own investment, Yuan Da, a spokesperson for the National Development and Reform Commission, said today. The new tracks will tackle the "last mile" issue of rail haulage, promote combined transport, and cut logistics costs for businesses, he said in response to a reporter's question.
The NDRC and China Railway earlier conducted a nationwide survey when local governments and firms applied for approval for these special rail projects, Yuan added.
Based on three criteria -- transport capacity, efficiency and progress in preliminary work -- the NDRC and China Railway picked several projects for this year and next, he said. The authorities selected 127 schemes, with a total length of 1,586 kilometers, Xinhua News Agency reported.
The projects will benefit major ports along China's coast and the Yangtze River, big manufacturers and miners with bulk cargo volumes of over 1.5 million tons a year, as well as logistics parks, Xinhua said.