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China Daily Website

Railway pact would put relations on fast track

Updated: 2013-11-27 07:32
By Zheng Yangpeng ( China Daily)

China and Central and Eastern European countries are considering building a new international railway artery linking the regions, according to a cooperation outline released on Tuesday.

They will encourage the setting up of bonded areas and distribution centers along the proposed railroads, the outline said.

As part of the significant cooperation project, China has already reached an agreement with Hungary and Serbia to build a railway between the two European countries' capitals. They will set up working groups to advance the project as soon as possible.

China now has the world's second-largest railway network with the longest mileage of high-speed railway, Li said on Monday when announcing the project. He highlighted the new global trend of using Chinese equipment due to its high quality and low price.

Romanian Prime Minister Victor Ponta has announced that his country is planning to build a high-speed railway using Chinese technology, as part of cooperation plans being signed in Bucharest, the Romanian capital.

Meanwhile, China and countries in Central and Eastern Europe will also deepen cooperation in highway, port and airport construction, and support the establishment of a business federation that facilitates the participation of institutions and enterprises from both sides in infrastructure construction, according to the outline.

The outline also said they supported qualified financial institutions setting up branches in each other's markets, and supported centrals banks signing local currency swap deals, pushing forward settlement in local currency for trade and investment.

Qualified institutions are encouraged to invest in each other's inter-bank bond markets.

The outline also encouraged better use of a $10 billion special credit line.

zhengyangpeng@chinadaily.com.cn

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