Quantcast
Connect with us

Chinese firms want to build and finance proposed California high-speed train

Published

on

A team of Chinese firms, along with the Export-Import Bank of China, wants to build and finance a large part of California’s proposed 800-mile high-speed rail project.

The firms expressed their interest last month in a 23-page document sent to the California High-Speed Rail Authority. The authority asked private companies from around the globe to help shape the state’s strategy to launch the first stage of its train line, considered the most ambitious infrastructure project in the United States.

ADVERTISEMENT

Led by China Railway International, the Chinese team proposed it could provide big elements of the project, including design expertise, construction, equipment procurement, and rolling stock. It also proposed financing from the Export-Import Bank of China.

By packaging large pieces of the high-speed rail line together, for delivery by a single contractor, the project’s cost and construction timeline would be greatly reduced, the team proposed.

“To the Chinese team, a relatively large-scale contract is proper and reasonable,” said the letter, obtained by Reuters through a Public Records Act request.

California’s high-speed rail line would run trains at speeds of up to 220 miles per hour between Los Angeles and San Francisco by 2029 and, later, expand to San Diego and Sacramento.

ADVERTISEMENT

The United States is a key target for China’s rail industry, even though policymakers have been split over the need for high-speed rail and some have taken a dim view of Chinese involvement. Last month, a unit of China’s CRRC Corp, the world’s biggest train maker by revenue, agreed to a deal to help build a high-speed link between Las Vegas and Los Angeles.

California still needs a large amount of funding to complete its rail line. About $13.2 billion of the estimated $68 billion has been raised through state and federal funds, plus a pledge of cap-and-trade proceeds, or funds paid by companies to offset carbon emissions.

The Chinese team proposed that under “appropriate loan conditions,” the Export-Import Bank of China could “satisfy the financing needs of the project.”

ADVERTISEMENT

But the Chinese also warned that California should provide additional public financing and guarantee future project debt to appease uneasy investors.

“Due to the huge financing gap of the project, potential private investors and lenders may be cautious,” the Chinese team wrote.

China has recently clinched contracts in Russia, the latest in an aggressive push to procure high-speed rail deals overseas. It faced hurdles in Mexico and Indonesia due to bureaucratic flip-flops in those countries.

ADVERTISEMENT

(Reporting by Robin Respaut; Editing by David Gregorio)


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Facebook

There’s evidence that climate activism could be swaying public opinion in the US

Published

on

Climate activists walked out of classrooms and workplaces in more than 150 countries on Friday, Sept. 20 to demand stronger action on climate change. Mass mobilizations like this have become increasingly common in recent years.

I’m a scholar of environmental communication who examines how people become engaged with solving dilemmas such as climate change, and how activism motivates others to take action. A new study I worked on suggests that large rallies, such as this youth-led Climate Strike, could be influencing public opinion.

Continue Reading

Facebook

‘I’ve seen smarter cabinets at IKEA’: See the most memorable signs from the global climate strike

Published

on

"Why should we go to class if you won't listen to the educated?" one homemade sign asked.

With millions marching to demand bold climate action in more than 150 countries around the world on Friday, a number of sentiments expressed on homemade signs and through other demonstrations captured the world's attention.

An estimated 400,000 people attended strikes across Australia to start off the day of action. The Australian Conservation Foundation shared a video of some of the young people, including one marcher who proclaimed, "You'll die of old age, we'll die of climate change," addressing the world leaders who climate scientists say are not working nearly fast enough to end fossil fuel extraction and the resulting carbon emissions which are causing global warming, rising sea levels, droughts, and other extreme weather events.

Continue Reading
 

CNN

Trump felt free to ask for Ukraine election interference after Mueller let him off the hook: Wired reporter Garrett Graff

Published

on

On CNN's "New Day Weekend," author and commentator Garrett Graff noted that President Donald Trump's attempt to push Ukraine to investigate former Vice President Joe Biden came right after former special counsel Robert Mueller's investigation of Russian interference in 2016 ended — and suggested the two were related.

"You know, Garrett, there may be some people thinking 'Gosh, we just got out of the whole scenario with the Mueller report. Now we have this again,'" said anchor Christi Paul. "Do you get a sense that there are people looking at this saying 'I think I have confidence in the 2020 election?'"

Continue Reading
 
 
Help Raw Story Investigate and Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image