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Wednesday March 8, 8:10 PMBeijing-Shanghai high-speed rail line gets OKBEIJING, March 8 (Reuters) - A Beijing-Shanghai high-speed railway project has received formal approval, China's minister of railways, Liu Zhijun, said in comments published on Wednesday.The official Xinhua news agency cited Liu as saying the project would rely mostly on domestic technology, after an initial input of foreign technology, with an eye to building up a Chinese brand name. The report did not specify which government agency had given the approval. It cited Liu as saying the project would welcome domestic private capital and that foreign investors could invest in it as well. He did not mention how much investment the project would require or what technology it would use. Liu said the new railway would help ease the current strains on railway transport between Beijing and Shanghai. The announcement follows a separate Xinhua report last week that China planned to begin building a controversial high-speed magnet levitation train line between the eastern cities of Shanghai and Hangzhou. It cited a member of the National People's Congress as saying the Shanghai-Hangzhou project would cost 35 billion yuan ($4.35 billion) and use German technology that levitates a train above a magnetic track, allowing it to reach speeds of 430 km an hour (270 mph). The deputy said that the Shanghai-Hangzhou line would use "some German technology" but that the equipment would mainly be made in China. Transrapid, which groups ThyssenKrupp , Siemens AG and the German government, operates the "maglev" technology in Shanghai. ($1=8.0481) |
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