China's economic planner OKs urban rail projects in SW city

China's top economic planner Wednesday approved a plan to expand urban rail in Chengdu, capital of southwest China's Sichuan province, involving about 177 km of new urban rail.

Chengdu will have 692 km of urban rail after the completion of eight projects by 2024, according to the National Development and Reform Commission (NDRC).

The total investment will be 131.83 billion yuan ($18.66 billion) for the projects, according to the NDRC.

About 40 percent of the investment, or 52.73 billion yuan, will come from the municipal and district governments, while other capital will be financed by bank loans, it said.