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BEIJING, Oct. 24 (Xinhua) -- China is on track to fulfill its annual railway investment target as its fixed-asset investment for the sector hit 542.3 billion yuan (about 80.1 billion U.S. dollars) in the first three quarters, up 10.3 percent year on year, according to the latest data.

State-sector investment rose 12 percent to 517.1 billion yuan during the period, according to data released Monday by China Railway, a solely state-owned enterprise under the management of the central government.

Insiders say the country has seen a railway construction boom since the beginning of this year and will probably exceed the annual railway fixed-asset investment target of 800 billion yuan.

China has planned 45 railway projects for 2016, with more than 3,200 kilometers of new rail lines, including 1,300 kilometers of high-speed rail lines.

The nation's top economic planner announced earlier this month that it has approved feasibility reports for two railway projects with total investment of 79.47 billion yuan.

The two projects would be located in the country's underdeveloped western regions, including Guizhou, Guangxi Zhuang Autonomous Region and Xinjiang Uygur Autonomous Region, according to statements on the website of the National Development and Reform Commission.

China has a vast and efficient railway network, but construction has lagged behind in the less developed western regions.

The approval came as the government looks to boost infrastructure investment in needy areas to support faltering economic growth.

Local governments also stepped up with railway construction. A high-speed train left impoverished Sanjiang County in south China's Guangxi Zhuang Autonomous Region on May 15 and three hours later arrived in Guangzhou, 400 kilometers away.

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