Beijing seeks private funds for metro

A young woman waits for the last incoming train of the day at Jianguomen station on May 22, 2014. [Photo/IC]

Beijing will invite more private funds to invest in major projects in seven fields including metro construction, shanty town reconstruction and environmental protection projects, said a key document released by the municipal government on Tuesday.

The capital government released guidelines to attract private funds to invest in the major fields and listed 136 projects in seven public fields on Tuesday. It is the first time that private funds have been solicited for shanty town reconstruction.

The total investment in these projects is expected to exceed 260 billion yuan, reported Beijing Evening News on Tuesday.

Furthermore, a third company may be set up to manage new metro construction. Currently, the metro system is under the management of two companies. With the quick growth of the metro lines in Beijing, the total mileage is expected to exceed 1,000 kilometers by 2020, one of the longest in the world.

On the condition that the metro system be guaranteed safe and efficient, the municipal government will open the metro system to invite more private parties to invest.

But the opening up to private funds does not mean the government will shoulder fewer responsibilities in supervising these fields, said an anonymous official from the Beijing Municipal Commission of Development and Reform.

The government will play a bigger role in managing the growing funds and facilitate the development of the city, the official said.