page_title: High-speed rail in China
section_title: Slowdown in financing and construction
hierarchical_section_title: High-speed rail in China / History / Slowdown in financing and construction
caption_attribution_description: English: New yellow rabbit! But I didn't see the HXD3G, which has also rolled out a few days before.
context_page_description: High-speed rail in China is the world's longest high speed railway network and most extensively used. The HSR network encompasses newly built rail lines with a design speed of 200–350 km/h. China's HSR accounts for two-thirds of the world's total high-speed railway networks. Almost all HSR trains, track and service are owned and operated by the China Railway Corporation under the brand China Railway High-speed.
  High-speed rail developed rapidly in China over the past 15 years. CRH was introduced in April 2007 and the Beijing-Tianjin intercity rail, which opened in August 2008, was the first passenger dedicated HSR line. HSR extends to all provincial-level administrative divisions except Macau and Tibet. The HSR network reached 36,000 km in total length in August 2020. The HSR building boom continues with the HSR network set to reach 70,000 km in 2035.
  China's early high-speed trains were imported or built under technology transfer agreements with foreign train-makers including Alstom, Siemens, Bombardier and Kawasaki Heavy Industries.
context_section_description: In the first half of 2011, the MOR as a whole made a profit of ¥4.29 billion and carried a total debt burden of ¥2.09 trillion, equal to about 5% of China's GDP.  Earnings from the more profitable freight lines helped to off-set losses by high-speed rail lines. As of years ending 2008, 2009 and 2010, the MOR's debt-to-asset ratio was respectively, 46.81%, 53.06% and 57.44%, and reached 58.58% by mid-year 2011.  As of October 12, 2011, the MOR had issued ¥160 billion of debt for the year.  But in the late summer, state banks began to cut back on lending to rail construction projects, which reduced funding for existing railway projects. An investigation of 23 railway construction companies in August 2011 revealed that 70% of existing projects had been slowed or halted mainly due to shortage of funding.  Affected lines included Xiamen-Shenzhen, Nanning-Guangzhou, Guiyang-Guangzhou, Shijazhuang-Wuhan, Tianjin-Baoding and Shanghai-Kunming high-speed rail lines.  By October, work had halted on the construction of 10,000 km (6,200 mi) of track.  New projects were put on hold and completion dates for existing projects, including the Tianjin-Baoding, Harbin-Jiamusi, Zhengzhou-Xuzhou and Hainan Ring (West), were pushed back. As of October 2011, the MOR was reportedly concentrating remaining resources on fewer high-speed rail lines and shifting emphasis to more economically viable coal transporting heavy rail.
  To ease the credit shortage facing rail construction, the Ministry of Finance announced tax cuts to interest earned on rail construction financing bonds and the State Council ordered state banks to renew lending to rail projects.  In late October and November 2011, the MOR raised RMB 250 billion in fresh financing and construction resumed on several lines including the Tianjin-Baoding, Xiamen-Shenzhen and Shanghai-Kunming.
caption: A comprehensive inspection train (CRH380B) is testing its performance under high altitude and low temperature condition in Heilongjiang, Northeast China.
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