China has set the profit and revenue targets for its railway industry for this year at 500 million yuan (about 60 million U.S. dollars) and 102.5 billion yuan, respectively.

The targets were announced here by Vice-Minister of Railways Liu Zhijun at a national meeting on railway transportation Tuesday.

The railway industry put an end to loss-making last year, with a revenue of 99.89 billion yuan for the year, the vice-minister said.

The industry will take additional reform measures this year, including the introduction of a better price mechanism for cargo transportation and improvement in efficiency.