China's High-Speed Debt Trap
Maybe he should look a little harder at the figures. First: – Airline time: 1.6 hours” The reason high‐speed rail never caught on in the United States is because we had jet airliners before Japan even started building its first bullet train. Why should we worry that a train from Beijing to Shanghai is faster than a train from Washington to Boston when our planes are twice as fast as the fastest trains in the world? Second: China recently halted construction on two new high‐speed rail lines due to mounting debt. As of a year ago, China State Railway had an $850 billion debt...