(MENAFN- Qatar News Agency) Beijing August 24 (QNA) - Chinese Premier Li Keqiang has urged China Railway Corporation (CRC) to explore non governmental funds for railway projects according to a report issued Sunday by the central government. During an inspection tour to the CRC the Chinese premier said "Railway construction invested solely by the government and promoted by administrative orders will not work anymore." Li said innovations in investment and financing are key to reform in the railway sector according to a Xinhua report today. He asked the CRC to explore ways of better soliciting non-governmental funds and gather experience for other state-owned enterprises. China spent a lot on railways in recent years since the CRC's inception in March 2013. 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 US $48.6 Billion (300 billion yuan). The CRC aims to construct over 6600 kilometres of new lines into operation mostly in the central and western regions. (QNA)
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