More Effort Placed on Perfecting the Country’s High-Speed Rail System
A brokerage firm has estimated that the current construction of China’s high-speed railways has cost about 850 billion yuan. There are 26 high-speed rail lines currently being constructed including the Nanjing-Hangzhou line, Beijing-Shijiahuang and Harbin-Dalian lines.
So far, the Ministry of Railways has spent 589 billion yuan in building the 13 high-speed rail lines that are in operation right now in addition to the 26 other lines currently being constructed.
There have been concerns on the safety of the rail system, and a recent accident might increase the financial difficulty for the railway sector and risk a rupture in the cash chain. The ministry has assured that plans for developing high speed trains will not be called off and the government is currently in the process of raising the standard of construction, safety and supervision.
The country has been working hard for years in constructing and developing a railway system that will compete with Japan’s famed bullet trains. China is now using technology they have acquired to develop and produce their own trains and in the process export them abroad.