BEIJING, Dec. 26 (Xinhua) -- China's top economic planner has approved a high-speed railway project in west China's Shaanxi Province.

With a total investment of 55.16 billion yuan (7.94 billion U.S. dollars), the new railroad linking Xi'an and Yan'an aims to support western development and poverty reduction, according to the National Development and Reform Commission.

Spanning over nearly 292 km, the railway will have 11 stops, and trains with a top speed of 350 kph, with a capacity of 30 million passengers a year. It will take four years and a half to complete.

The project comes as China accelerates approval of infrastructure projects to stabilize investment and bolster the economy.

Multiple new tracks will be put into operation by the end of this year, bringing the total length of China's high-speed railways to 29,000 km, according to the China Railway Corporation.