The head of the Financial Department of CR introduced that this year, CR has diligently implemented the spirit put forward in the 20th National Congress of CPC, the third plenary session of the 20th Central Committee and the important instructions of President Xi Jinping regarding railway work. Adhering to the strategic positioning of national and people's railways, CR has focused on supporting and servicing the Chinese path to modernization, steadily advancing key work in railway construction, passenger and freight transport, and technological innovation. These efforts have provided strong transportation support for consolidating and enhancing the economic recovery.
First, passenger transport sets new historical highs. CR has fully leveraged the advantages of high-speed rail network operation, coordinated resources from both high-speed and normal-speed rails, and continuously optimized train scheduling to enhance capacity supply. It has successfully completed the Spring Festival, Summer holiday, Qingming Festival, May Day, Dragon Boat Festival and Mid-Autumn holiday transport tasks, providing excellent services for holiday travelers. A total of 1,430 tourist trains were operated, contributing to the growth of the tourism and silver economy. The 2024 version of the "CR Passenger Transport Regulations" was implemented, optimizing service rules for key passenger groups and introducing new convenient services. New features like the same-train continuation service and specialized student ticketing service have been launched on the Railway 12306 platform, with the Railway Travel QR Code covering all high-speed trains. Additionally, 120 railway stations nationwide now offer easy transfers, and more than 80 railway stations provide internet meal ordering services. The "Quiet Carriage" service has been expanded to 92 high-speed trains, and the quality of train catering services continues to improve. CR has also maintained its commitment to operating public welfare "slow trains," further enhancing the travel experience for passengers. In the first three quarters, an average of 10,792 passenger trains were operated daily, an increase of 9.8% year-on-year. The total number of passengers reached 3.33 billion, a 13.5% YoY increase, setting a historical high for the same period. On October 1, a record 21.448 million passengers were transported in a single day.
Second, freight market reforms achieve significant results. CR has accelerated the development of a modern railway logistics system, deepened the marketization reform of railway freight transport, improved the quality and efficiency of railway freight services, and contributed to lowering overall logistics costs in society. In the first three quarters, CR's freight volume reached 2.93 billion tons, a 1% increase year-on-year. In the third quarter alone, 1.004 billion tons of goods were transported, a 3.8% YoY increase, setting a new historical record for single-quarter freight volume. Additionally, CR has fully utilized the advantage of the unified national railway network, strengthened freight transport organization, and improved the transportation capacity of key corridors like Datong-Qinhuangdao Railway, Haolebaoji-Ji'an Railway and Lanzhou-Xinjiang Railway. It has ensured the smooth transportation of key materials such as coal, oil, grain and fertilizers, providing robust support for the stability of the national economy and the people's livelihood. By closely aligning with market demands, CR has successfully operated express freight trains with high quality, speeding up the creation of nationwide 1-day, 2-day and 3-day fast cargo logistics circles. Furthermore, CR has actively promoted rail-road and rail-sea intermodal transport, explored "single order" rail-sea express services, which enables national access with one order, and improved transport efficiency. CR has transported a total of 595 million tons of containers, an increase of 12% year-on-year. Additionally, CR has vigorously promoted logistics general contracting and contracted transportation, signing 465 logistics service contracts, with a total transport volume of 485 million tons. Additionally, CR has introduced logistics financial services like freight loans to alleviate financing difficulties for small and medium-sized enterprises, serving 546 clients with a total credit financing of 15.46 billion yuan. CR has also implemented national pricing policies, promoted the market-oriented reform of railway freight rates, and adopted a pricing adjustment strategy based on direction, season, category and capacity. Since the beginning of this year, it has provided approximately 42.34 billion yuan in benefits to social enterprises.
Third, key infrastructure projects are progressing in an orderly manner. CR has fully utilized the driving effect of railway construction investment, focusing on key projects related to network expansion, supplementation and strengthening. It has efficiently advanced railway planning and construction with high quality, scientifically allocated construction resources, optimized project organization, and reinforced safety, quality, environmental protection and investment control. Key infrastructure projects are progressing in an orderly manner, and the modernization of the railway infrastructure system is accelerating. New lines such as the Meizhouxi-Longchuanxi section of the Longyan-Longchuan High Speed Railway and the Chongqingxi-Yibindong section of the Chongqing-Kunming High Speed Railway have been opened, further improving the accessibility and coverage of the modern railway network. This benefits local residents' travel, promotes resource development, and facilitates industrial clustering. Key projects such as the Hefei-Wuhan section of the Shanghai-Chongqing-Chengdu High Speed Railway, the Pingliang-Qingyang Railway in Gansu Province, the Zhangzhou-Shantou High Speed Railway, the Wenshan-Mengzi Railway in Yunnan and the Wuping-Meizhouxi section of the Longyan-Longchuan High Speed Railway, as well as Nanjingbei Railway Station, have commenced construction. Additionally, key ongoing projects such as the Second Chengdu-Chongqing High Speed Railway, the Xi'an-Yan'an High Speed Railway and the Chongqingdong-Qianjiang section of the Chongqing-Xiamen High Speed Railway have made significant progress, effectively supporting regional economic and social development. In the first three quarters, the national railways achieved 561.2 billion yuan in fixed asset investment, a 10.3% YoY increase. A total of 1,820 kilometers of new railway lines were put into operation, including 1,210 kilometers of high-speed rail. Just before National Day, the total operating mileage of China's railways surpassed 160,000 kilometers, with over 46,000 kilometers of high-speed rail.
Fourth, strong support has been provided for national strategies. CR has deeply implemented the high-quality development framework of the eight initiatives for jointly building the "Belt and Road," actively promoting the international expansion of railway networks, and meticulously organizing the construction and operation of overseas railway projects. The China-Laos Railway has been thriving with both passenger and freight services, playing an increasingly important role as a golden transportation corridor. The Jakarta-Bandung High Speed Railway has operated safely and smoothly, with growing passenger flows and a significant increase in its radiating influence, further enhancing its influence as a "golden brand" of international cooperation. The Novi Sad-Subotica section of the Hungary-Serbia Railway in Serbia has achieved track-laying completion. The high-speed trains developed by China for the Hungary-Serbia Railway have made their debut in Serbia. The CRE train has shown significant growth both in terms of volume and quality, with a total of 14,689 trains operated, sending 1.571 million TEUs of cargo, marking a YoY increase of 13% and 11%, respectively. The monthly number of trains has surpassed 1,600 for seven consecutive months, ensuring the smooth operation of international supply chains and contributing significantly to the high-quality development of the "Belt and Road" and China's higher-standard opening-up.
Fifth, breakthroughs in railway technological innovation have been achieved. CR has deepened the implementation of an innovation-driven development strategy, fostering new quality productive forces for railway production and enhancing technological independence and self-reliance. It has leveraged the role of the Railway Technology Innovation Alliance, increased efforts in tackling key core technologies and their industrial application, and continues to deepen innovations in intelligent railway technologies. Breakthroughs have been made in technological innovations in areas such as mobile equipment, civil engineering, communication signals and transportation organization. The development of the CR450 high-speed train prototype has made significant progress, and research on key technologies for 400 km/h infrastructure has moved forward, with the project now entering the vehicle assembly phase. The Fuxing EMU train project won the National Science and Technology Progress Award (Special Prize), and the project's R&D team received the inaugural National Engineer Award (Team Prize). China's high-speed rail technology has set an international benchmark, with the core competitiveness of railway technological innovation continuously improving and solidifying China's global leadership in railway technology.
Sixth, safe and smooth transport operations have been ensured. With principles of safety first, prioritizing life and preventing risks ahead of time, CR has transformed its approach from accident prevention to proactive risk control. CR has been relentlessly advancing safety infrastructure, accelerating the establishment of a high-reliability, modern railway safety assurance system. It has actively responded to extreme weather events such as Typhoons "Yagi" and "Pulasan" and natural disasters, focusing on flood prevention and mitigation. Monitoring, early warning systems, track inspections and equipment maintenance have been strengthened, and proactive risk avoidance measures were taken in advance to minimize the impact on railway transport safety and order. This has effectively safeguarded the production and property safety of the people.
The head shared that CR has been driven by reform and innovation, continually deepening the supply-side structural reform of transport services. By improving transport capacity and service quality, CR has worked on constructing a modern railway management system, steadily improving operational efficiency. The debt-to-asset ratio has decreased to 64.24%, down by 1.3 percentage points compared to the end of the previous year, and the operating situation remains stable and positive. In the next phase, CR will continue to implement the spirit put forward in the 20th National Congress and the third plenary session of the 20th Central Committee, focusing on deepening reform in the railway sector, balancing high-quality development with high-level safety, and promoting the high-quality development of railways to ensure the achievement of its annual targets and contribute actively to supporting the Chinese path to modernization.
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