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A three-year action plan to improve the country's infrastructure has been formally launched, with a total investment of 4.7 trillion yuan ($723.8 billion), the Shanghai Securities News reported on Thursday.

The plan, jointly issued by the National Development and Reform Commission and the Ministry of Transport, aims to improve the rapid transit net, basic traffic net and urban transit net, establish an integrated transportation network and better leverage the fundamental role of combination advantage and network efficiency.

The action plan includes 303 projects covering railways, highways, waterways, airports and urban rail transit, with 131 projects in 2016, 92 projects in 2017 and 80 projects in 2018.

In terms of railways, the country plans to invest 2 trillion yuan to promote 86 projects, build and rebuild about 20,000 kilometers of railway.

The country also plans to invest 580 billion yuan, 460 billion yuan and 60 billion yuan respectively to promote 54 highway, 50 airport and 10 waterway projects.

When it comes to urban rail transit, the country will promote 103 projects and build 2,000 kilometers of new lines, with investment of 1.6 trillion yuan.

The plan also calls for improving fund support and increasing the capital investment from the central government. Meanwhile, the country should speed up reforms on investment and financing system, boost public-private-partnership cooperation.