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China's Trillion-Dollar Bet on High-Speed Rail Transformation
China's high-speed rail network, which has tripled to nearly 30,000 miles under President Xi Jinping's leadership, faces mounting financial challenges amid aggressive expansion plans. China State Railway Group, the national operator, has accumulated nearly $1 trillion in debt and liabilities, requir...
China's high-speed rail network, which has tripled to nearly 30,000 miles under President Xi Jinping's leadership, faces mounting financial challenges amid aggressive expansion plans. While flagship routes between major cities like Beijing and Shanghai remain profitable, newer lines into rural regions are struggling with low ridership. The railway operator turned a modest $460 million profit in 2023, aided by government subsidies, after three years of losses during the pandemic.
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