China Leads in High Speed Rail, and Plans to Expand
In the next two years, China expects to double its already existing 4,000 miles of track. Though some have concerns about the trains being underused, the government is pushing forward with expansion plans.
"GIFFORD: The sound of foreign factories like this one are familiar on the coast, but can now be heard here in Hefei, the capital of Anhui province, once known as the Appalachia of China. And quite simply, these factories are here because of the introduction of high-speed rail, says Fan Jiang, the U.S.-educated CEO of AllFine, a company making batteries for electric cars. It's one of many companies moving to inland China. Fan Jiang, too, repeats the modern Chinese mantra.
Mr. FAN JIANG (CEO, AllFine): Time is money. So I think the economic value will be huge. You know, in the past, the people has to set factory in Shanghai, but because of the speed, that they could set factory here and deliver the goods in time. "