The Ministry of Railways announced that China plans to invest 400 billion yuan ($63.19 billion) on railway infrastructure construction in 2012, representing a slight decline from the 469 billion yuan ($74.1 billion) in 2011.

Railway construction, especially development of high-speed rail lines has been slowing down in the country since a deadly train crash in July 2011.

Sheng Guangzu, Minister of Railways, said on a press briefing that the ministry will raise capital for railroad building through bond issuance, bank loans and other market tools. "Moreover, efforts will also be made to lure investments from local governments and private investors." he said.

Sheng added that the ministry will spare no effort to ensure quality and safety of railway projects and learn lessons from past accidents.