| Shanghai-Beijing railway delayed while costs surge |
SHANGHAI, Jan. 4 -- China's State Council hasn't approved the construction of the Shanghai-Beijing high-speed railway as the estimated cost has risen to 200 billon yuan (US$25.61 billion), China Business Times quoted an insider as saying today.
The construction, which was scheduled to begin last year and be complete in 2010, failed to kick off last year as an extra 70 billion yuan is required, the insider said.
The 200-billion investments, as big as that of the Three Gorges Dam, may need the approval of the National People's Congress due to the hefty price.
The State Council approved the draft of the railway on March 7, 2006 and a feasibility study has been conducted on the project since then.
The 1,318-kilometer railway is designed to run at 350 kilometers per hour. A single journey between Beijing and Shanghai will take 5 hours compared with the current 14 hours.
It can transport 160 million passengers on round trips annually.
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