The State Council, the cabinet, released an action plan to deepen reform in railway investment and financing in April after an executive meeting chaired by Li.
According to the plan, a railway development fund will be set up and open to social investment. The fund*s value is expected to reach up to 300 billion yuan (48.6 billion US dollars).
In addition, 150 billion yuan of railway bonds will be issued this year. The government will also encourage banks to fund railway construction.
Rail links in central and western regions will be prioritized to expand investment, boost related sectors, and help urbanization, noted the plan.