China is extremely proud of its growing high-speed railway system, with state media often calling it a “speed booster” for the Chinese dream.
But recent financial disclosures showed that more than 60% of the country’s high-speed railway operators have each lost a minimum of around $100 million in 2018 and continued losing money into the first half of 2019.
The least profitable operator, based in the southwestern megacity of Chengdu, reported a $1.8 billion net loss in 2018. Operators based in the northern cities of Shenyang and Harbin each reported losing more than $1.5 billion last year.
The state-owned China State Railway Group owns all 18 high-speed railway operators in the country, as w