China's transport investment up 12.7 pct in January-May

BEIJING, July 2 (Xinhua) -- Fixed-asset investment in China's transport sector surged 12.7 percent year on year in the first five months of 2023, data from the Ministry of Transport shows.

Total fixed-asset investment in the sector stood at 1.4 trillion yuan (about 193.75 billion U.S. dollars) during the period, according to the ministry.

Specifically, road construction investment rose 13.2 percent year on year to 1.1 trillion yuan. Investment amounting to 73.4 billion yuan was channeled into waterway development, soaring 30.3 percent year on year.

In May alone, China's transport fixed-asset investment climbed 10.7 percent year on year to 337.3 billion yuan, with road and waterway investment up 9.5 percent and 31.9 percent, respectively, from the same period last year.