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China's early high-speed trains were imported or built under [[technology transfer]] agreements with foreign train-makers including [[Alstom]], [[Siemens Mobility|Siemens]], [[Bombardier Transportation|Bombardier]] and [[Kawasaki Heavy Industries]]. After the initial technological support, Chinese engineers have since re-designed internal train components and have built and produced [[CRH380A|indigenous trains]] manufactured by the state-owned [[CRRC Corporation]], especially on newer lines.
Notable HSR lines in China include the [[Beijing–Guangzhou–Shenzhen–Hong Kong high-speed railway|Beijing–Guangzhou high-speed railway]] which at {{convert|2298|km|mi|abbr=on}} is the world's longest HSR line in operation, and the [[Beijing–Shanghai high-speed railway]] with the world's fastest operating conventional train services. The [[Shanghai Maglev Train|Shanghai Maglev]] is the world's first high-speed commercial [[maglev|magnetic levitation]] ("maglev") line, whose trains run on [[Track (rail transport)|non-conventional track]] and reach a top speed of {{convert|430|km/h|mph|0|abbr=on}}.<ref>{{cite news |title = World's Longest Fast Train Line Opens in China |url = http://bigstory.ap.org/article/worlds-longest-fast-train-line-opens-china |agency=Associated Press |access-date=26 December 2012 |url-status=dead |archive-url = https://web.archive.org/web/20121229131846/http://bigstory.ap.org/article/worlds-longest-fast-train-line-opens-china |archive-date=29 December 2012 }}</ref> In 2020, China started testing a [[CRRC Maglev|maglev prototype train]] that runs at {{convert|600|km/h|mph|0|abbr=on}} and planned a 2025 launch date.<ref name=":3">{{cite news |date = 2020-08-11 |title = China to step up testing on fastest-ever maglev train |url = https://www.scmp.com/news/china/science/article/3096803/china-set-step-testing-countrys-fastest-ever-maglev-train-top |access-date = 2020-10-15 |newspaper = [[South China Morning Post]] |language = en }}</ref>
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One major concern of the high-speed rail network is the high amount of debt incurred. As of 2022, the China State Railway Group has had a debt of around $900 billion USD, according to ''Nikkei'', while ''China Insights'' has estimated the debt to be around $1.8 trillion USD due to opaque financing by local governments. <ref>{{cite web | url=https://techstartups.com/2021/11/13/chinas-high-speed-rail-envy-world-worlds-longest-high-speed-railway-network-now-losing-24-million-per-day-reported-debt-1-8-trillion/ | title=China's High-Speed Rail, the world's longest high-speed railway network, is now losing $24 million per day with a reported debt of $1.8 trillion | date=13 November 2021 }}</ref><ref>{{cite web | url=https://asia.nikkei.com/Business/Markets/China-debt-crunch/China-Railway-s-debt-nears-900bn-under-expansion-push | title=China Railway's debt nears $900bn under expansion push }}</ref> Conservative scholars and officials are worried that the indebted high-speed rail is further exacerbated by its unprofitability, operating at a daily loss of $24 million USD as of November 2021. While a number of high-speed railways in eastern China have started to be operationally profitable since 2015, the high speed railways in the midwest still operate at a loss. [[Zhengzhou–Xi'an high-speed railway]] is estimated to run 59 trains in 2010 and 125 trains in 2018, yet in 2016 there are merely around 30 trains on operation, causing a 1.4 billion loss. The [[Guiyang–Guangzhou high-speed railway]] and [[Lanzhou–Xinjiang high-speed railway]] (where fares do not cover electricity costs) are both suffering from high maintenance cost due to harsh climate conditions and complicated terrain structure.<ref>{{Cite news|url=http://finance.sina.com.cn/roll/2016-08-01/doc-ifxunyxy6242335.shtml |language=zh-cn |script-title=zh:高铁盈利地图：东部赚翻 中西部普遍巨亏 |work=Sina Finance |date=2016-08-01 |access-date=2018-05-07}}</ref>
There has been debate whether China's high-speed railway network is [[economically efficient]]. ''China Insights'' has noted that the emphasis upon high-speed rail lines is to the detriment of the [[rail freight transport]] network which suffers from underinvestment despite overdemand. While freight rail's operating costs remain low, China Railway has raised the freight rail shipping rates to make up for the losses incurred from high-speed rail, so ending up most goods (including basic materials like coal and steel) have to be moved by [[truck]]s which in turn cause road congestion and consumes oil inefficiently.<ref name=autogenerated20/><ref>{{cite web | url=https://www.youtube.com/watch?v=eLCa6Vl7EeQ | title=Next Evergrande? $900 Billion in debt, 24 million loss per day, the highest of its kind in the world | website=[[YouTube]] }}</ref> According to a [[cost–benefit analysis]] by the [[Paulson Institute]], the high-speed rail network benefits the Chinese economy by $378 billion, with an annual return on investment of 6.5%. The biggest cost savings were found to be time saved by replacing automobile and air trips, which contribute to increased traffic and delays at each endpoint respectively.<ref name=":1">{{Cite web|last=|first=|date=|title=Is the HSR worth it?|url=https://macropolo.org/digital-projects/high-speed-rail/introduction/|access-date=2021-01-24|website=MacroPolo|language=en|quote=we estimate that the HSR network confers a net benefit of $378 billion to the Chinese economy and has an annual ROI of 6.5%.}}</ref> The report also found that the highest benefit high-speed rail hubs were the ones going through Shanghai, Hangzhou, Beijing, Wuhan and Guangzhou, while the lowest benefit ones were Kunming, Nanning and Ürümqi.<ref name=":1" /
====Construction financing====
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