29 Apr '11, 11pm

China may have bankrupted itself building high-speed rail:

We're all about high-speed rail , but not if it's going to bankrupt the world's second largest economy. Zhao Jian, a professor at Beijing Jiaotong University and a longtime critic of high-speed rail, said he worries that the cost of [the country's high speed rail] project might have created a hidden debt bomb that threatens China’s banking system. “In China, we will have a debt crisis — a high-speed rail debt crisis,” he said. “I think it is more serious than your subprime mortgage crisis. You can always leave a house or use it. The rail system is there. It’s a burden. You must operate the rail system, and when you operate it, the cost is very high.” Yikes! And you thought fighting three simultaneous wars was expensive . One of the problems could be that the Chinese government kind of went overboard. It's as if they went in thinking they'd just get a bare-bones package and...

Full article: http://www.grist.org/list/2011-04-29-china-may-have-bankr...

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