China’s high-speed railways collapse into a debt trap _ china economy fallout.mp4

Within just three days of the guidelines being released, Beijing stopped work on two HSR projects worth over RMB 130 billion (US $20 billion) in Shandong and Shaanxi provinces. Shandong’s 270-kilometre line had sought to connect its capital Jinan with its southern city of Zaozhuang. Shandong was also ordered to stop work on the RMB 71.6 billion Guanzhong Chengji project, which consists of 13 lines in Northwest China’s Shaanxi. A post on the Shaanxi government website informed that the project has been stopped to “lower risk levels”, following an integrated review of the situation regarding rail construction and finances.

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