China’s once profitable railways records $900bn debt over push for growth
What was once China’s profitable high-speed railways is now heading towards a trillion-dollar disaster after reports of debt nearing a whopping USD 900 billion.
Even in the face of mounting debt, China State Railway Group is doubling down on its expansion of what is already the world’s largest high-speed rail network, Nikkei Asia newspaper reported.
China’s high-speed rail network exceeds 40,000 kilometres and the network’s expansion shows little sign of slowing. China Railway plans to reach 50,000 km in 2025 and 70,000 km in 2035 — a roughly 70 per cent jump from 2021, the report said.
