Guangdong to invest $126b in transportation

Guangdong, China's southern economic powerhouse, is expected to further invest 775.1 billion yuan ($126 billion) in transportation infrastructure by 2016, a provincial official said Thursday.

The investment will cover 89 new projects, which include highways and inter-city railways, said Cai Muling, deputy director of the provincial development and reform commission, the provincial economic planning body.

About 62 percent of the investment will come from market financing, including bank loans, trust investment, medium-term notes and private capital, said Cai.

According to the province's 12th five-year plan (2011-2015), total investment in transportation infrastructure will hit 1.9 trillion yuan in the five-year period. The investment realized in 2011 and 2012 stood at just 251.4 billion yuan, far below the target.

According to a provincial government plan released in April, Guangdong is expected to have 4,100 km of railways and 6,800 km of expressways in operation by the end of 2015.

Guangdong leads the country in terms of economic development.