For years, California has been planning for a high-speed train to link the major cities from North to South. Now a group of Chinese companies wants to build California a railroad.
The companies, including the major train firm China Railway International, submitted a comprehensive plan for a California high-speed rail system earlier this week, according to Business Insider. The companies also noted that their bid could be financed by the Chinese Export-Import Bank.
California has raised about $13.2 billion towards its high-speed railway, but need almost $55 billion more. The Chinese team has urged the state to raise additional public funds to attract private investors and lenders.
The project would include design, construction, equipment, and rolling stock, all of the major aspects of the rail system. The proposal stresses that delivering all the elements through a single entity would cut costs and make for a more efficient project.
The proposed train system would initially run between San Francisco and Los Angeles, with future add-on to San Diego and Sacramento. Trains would run at speeds up to 220 miles per hour.
If granted to the Chinese group, the California project would not be the first railway deal with Chinese operators. Last month, the world’s largest train maker, China’s CRRC Corp finalized a deal to build a high-speed line between Las Vegas and Los Angeles. China has also won contracts for Russian rial systems, although bureaucratic issues have derailed the companies in Indonesia and Mexico.