Chinese conglomerate Fosun International Ltd said on Thursday it will invest in a 46.2 billion yuan ($6.92 billion) public-private partnership project to build a high-speed rail link, becoming the first private firm to take part in a high-speed rail project.

The government is keen to lure private capital to infrastructure projects to alleviate the debt burden of local authorities, and has promised policies to support PPPs.

In January, the government said it would test PPPs in the railway sector with eight high-speed and intercity rail projects including one in Zhejiang province linking the cities of Hangzhou and Wenzhou.