China is set to invest a total of at least 2.8 trillion yuan ($438 billion) in railway construction during the 13th Five-Year Plan period (2016-2020), reported Economic Information Daily.

National railway network will grow by more than 23,000 kilometers over the next five years, with intercity projects and ones in Midwest regions being priority, said the newspaper citing people familiar with the matter.

China's railway construction has been on a fast track, as the country saw the annual investment surge by 11.3 percent from 580 billion yuan in 2011 to 800 billion yuan in 2014.

During the 12th Five-Year Plan period, China spent a combined 3.47 trillion yuan on new rails, exceeding the original target of 2.8 trillion yuan by far, according to the newspaper.

High-speed railway remains as one of the key infrastructure projects, according to the 13th Five-Year plans released by local governments.

Projects that are expected to be underway include lines from Yinchuan to Lanzhou, Baotou to Xi'an, Chongqing and Guiyang, Datong to Taiyuan and Zhanjiang, and Xiamen to Changsha and Chongqing.

Beijing plans to expand its suburb rail lines by 800 kilometers, and urban transits by 900 kilometers, according to its 13th Five-Year Plan proposal.

The Belt and Road Initiative will also boost exports of high-speed rail technologies and related products, said the newspaper citing a government plan, adding that China expects rail equipment sales to exceed 650 billion yuan by 2020.

As the country makes its way into becoming a leading player, exports will account for more than 30 percent of the sales by 2020, while 15 percent is expected to come from service trades, according to the plan.