China's transport sector has maintained steady economic growth this year, with continued reforms set to unleash the sector's growth potential, said an official from the Ministry of Transport in Beijing on Friday.
Officials from the ministry said at a press conference that China's transport sector has demonstrated a generally steady, sound, and upward trajectory in its economic performance throughout this year.
Investment in fixed assets in transportation has remained at a high level, with projections indicating that the total investment in fixed assets is set to reach around 3.8 trillion yuan (around 520.6 million U.S. dollars) for the year, according to the officials.
The total length of operational rail tracks is expected to exceed 160,000 kilometers, with high-speed rail tracks spanning over 46,000 kilometers. Additionally, about 50,000 kilometers of new roads are expected to be opened to traffic, along with the issuance of licenses for five new civil transport airports, officials noted.
"In 2024, the total passenger volume is expected to reach 64.5 billion trips, averaging 180 million trips per day, up 5.2 percent year on year. The freight volume is projected to reach 56.5 billion tons, averaging 150 million tons per day, up 3.5 percent year on year. The port cargo throughput is anticipated to reach 17.5 billion tons, showing a 3.4 percent year-on-year increase," said Li Yang, Vice Minister of Transport.
Meanwhile, with the effective implementation of existing and incremental policies, major indicators in the transport sector have continued to improve in the fourth quarter, Li noted.
"In November, both the growth rates of freight volume and port cargo throughput have been accelerating, increasing by 4.2 percent and 3.7 percent respectively year on year," he said.
Furthermore, officials briefed the conference that there will be an increased emphasis on stable and effective investments in the transport sector next year.
"We will promote transportation reforms, deepen reform in the integrated transportation system, advance the reform of the railway system, accelerate the development of general aviation and the low-altitude economy, thereby unleashing development vitality through reforms," Li said.
China's transport sector maintains steady economic growth in 2024: official
