China invested a total of CNY176.3 billion (US$28.8bn) in the construction of new railways, roads and waterways in the first two months of 2015, new government data has revealed.
The investment, which averages more than US$14bn per month, marked a 17% increase compared to the same period last year.
The country’s railway sector was boosted by CNY46.2bn of new investments, up 8% year-on-year, while CNY116.4bn was pumped into road-building and -upgrading projects – 16% more than the first two months on 2014. Meanwhile, investment in China’s waterways jumped 86% to CNY13bn, according to data released by China’s Ministry of Transport on Friday, reported by the Xinhua news agency.
The ministry added however, that the sharp growth was partially due to subdued investment in the early part of last year.
China’s railways, roads, and waterways handled 3.67bn passenger trips in January and February 2015, down 3% year-on-year. The ministry did not specify reasons for the decline, which came despite a reported 3.5% rise in traffic over the 40-day Lunar New Year holiday period.