China will sharply increase planned railway investment in 2013 to more than US$100 billion, state media cited the railways minister as saying Thursday, as part of plans to boost the economy. The Ministry of Railways will spend 650 billion yuan (US$104 billion) this year, the Xinhua news agency said, citing minister Sheng Guangzu as saying at an annual national work conference.

That marks a 30-percent increase from the planned investment of 500 billion yuan for 2012.