Overseas businesspeople are being encouraged to sponsor and operate a new subway line in Beijing that will run through the urban area.

This is part of the municipal government's effort to get funds needed to build the 27.7-km north-south line that runs from Songjiazhuang in the south to Beitaipingzhuang in the north.

Cost of the subway line is estimated at 11.9 billion yuan. It is expected to be completed in five years. The Beijing Subway Company has invited overseas businesspeople to invest in the project and World Bank, Asian Development Bank, and foreign government loans are being solicited.

The new line is expected to lighten traffic loads on the city's north-south axis. Beijing now has three subway lines. (Xinhua)