China is to suspend approvals for new high-speed lines after a crash that fuelled concern about what was supposed to be the world’s most advanced rail system.
The state council, or cabinet, has also decided to re-evaluate safety systems on projects already approved but not yet built following the collision on July 23 near the eastern city of Wenzhou when 40 people were killed.
In another sign of the turn of fortune for Chinese rail ambitions, China Railway Group has dropped a plan to raise about Rmb6.2bn ($969m) in a share placement. The company, China’s largest railway builder, cited “uncertainties” in the regulatory environment.
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