China Has A Debt Problem Three Times Larger Than Evergrande: The Need for a Rail System

China's rail network was initially underdeveloped due to limited demand, as most workers stayed in their birth cities. However, economic reforms in the 2000s increased urban migration, creating a need for affordable transportation. The global financial crisis further accelerated rail development as a form of fiscal stimulus, providing jobs and preventing recession. The high-speed rail network improved mobility, living standards, and industrial capacity, but also introduced new challenges.

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