(Yicai Global) Aug. 16 -- In November this year, China will start construction of its first European rail project, a 350-kilometer long railroad linking the Hungarian capital Budapest with Serbia's capital Belgrade, China Daily reported on Aug. 15 quoting Serbian vice-premier Zorana Mihajlovic.

The electrified passenger and freight line will comprise 166 kilometers of track in Hungary and 184 kilometers in Serbia, with a maximum speed of 200 kilometers per hour. Upon completion, the railway will reduce travel time between the two cities from eight hours to two and half.

The railroad will become part of the Pan-European Corridor X, extending from Serbia to the southeast reaching Piraeus port in Greece to facilitate access to Asia by sea.

The three countries first announced the project in Bucharest in November 2013.