UPCOMING reforms will completely open China's railway construction market, according to a statement released yesterday after an executive meeting of the State Council presided over by Premier Li Keqiang.

Reforms concerning investment and financing in the sector will be speeded up, covering the areas of planning, multi-channel investment, market-based operations and policy coordination, the statement said.

A railway development fund will be established using government investment and social capital, the statement said, adding that local regions and social capital will have ownership and management rights for inter-city railway links and municipal rail links.

Government investment and the railway system's financing have long been the primary sources of capital for railway construction. But these limited channels have become increasingly unable to meet demand for capital.