China to bid on high-speed rail in the US

Chinese firms plan to bid for contracts to build high-speed train lines and increase related technology exports in the US, the AP reported, citing a Chinese government official. US President Barack Obama and Chinese President Hu Jintao issued a joint statement promising to cooperate to develop high-speed rail technology last November. No details were given on specific contract targets, but such rail systems are planned in California, Florida and Illinois. State-owned Chinese companies are already developing rail lines in Turkey and Venezuela. In China, Beijing plans invest US$300 billion to build a 25,000-kilometer high-speed rail network by 2020. The US government US$8 billion of grants in January to develop rail projects.

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