China unveils landmark rail line, shrugs financial worries

BEIJING - China will this month launch what it is touting as the world's longest high-speed railway built in one go to link the country's two most important cities, officials said on Monday, shrugging off concerns over financing and high debt levels.
Costing 220.9 billion yuan ($34.1 billion), the 1,318-km Beijing-to-Shanghai line's formal start marks the beginning of a massive effort to transform its sprawling rail network.
The spending spree will amount to 2.8 trillion yuan ($431.7 billion) between 2011 and 2015.