The Central Government on August 19 published detailed plans to innovate railway funding and speed up construction as China's new leadership is devoted to deepening reforms.

The State Council said in a statement that railway investment this year is likely to exceed the planned amount. Also, for this year and the following two, the Central Government will provide transitional subsidies for China Railway Corp., which was established in March to take over the enterprise functions of the now-defunct ministry of railways.

Railway construction should be accelerated in an attempt to exceed 2013 investment plans, while the building of railways and related infrastructure should be prioritized in western and less-developed areas, the statement said. The reform will also encourage private investment in railway construction.