China’s high-speed rail constructions grind to a halt

Last year, we have been talking about how pointless high-speed rail was, and indeed that it makes very little, if any, profit, and the Ministry of Railways have been massively indebted in order to build the infrastructure, which crashed.  By the end of third quarter, the Ministry’s total debt has risen to RMB2.228 trillion, and net profit for the 3 quarters amounted to RMB137 million only.  With little profit and high debt, the Ministry was already having trouble to keep construction continued last year, especially after the accident.