China adds fuel to speed up 'Railway Express' to Europe
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
SHANGHAI (Reuters) - China's state planner has drawn up a five-year plan to develop the China Railway Express to Europe, improving customs clearance and infrastructure, it said on Wednesday.
The network was crucial to China's "One Belt, One Road" policy, spearheaded by President Xi Jinping to increase connectivity and cooperation between China and the rest of Eurasia, it said.
The 2016-2020 plan is the first top-level scheme to be proposed for the corridor, which has grown in popularity as firms seek shorter goods travel times, the National Development and Reform Commission (NDRC) said on its website.
Local governments have launched rail services over 39 lines linking Chinese cities like Chongqing to destinations in Germany, Poland and the Netherlands, but Beijing this year moved to take control of the network, rebranding the trains and containers under the "China Railway Express" brand.
The NDRC said the network, seen as an alternative to shipping by sea or air, had been plagued with high costs, disorderly competition and a supply-demand imbalance, creating a need to strengthen regulation.
The state planner would focus on developing three routes and 43 transit hubs on the network as well as improve the services and infrastructure, it said.
(Reporting by Brenda Goh; Editing by Nick Macfie)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: SunTrust Robinson Humphrey Downgrades Pennsylvania Real Estate Investment Trust (PEI) to Hold
- Trump invites Netanyahu to Washington for visit: White House
- Trump may not enforce individual health insurance mandate: aide