Net profit increased 12.4% to Yuan 2.05bn ($US 300m) while revenues climbed 7.89% to Yuan 1.1 trillion.

Freight revenue increased by 11.5% to Yuan 353bn, with passenger revenue up 11.6% to Yuan 327bn.

China Daily reported on April 30 that CRC’s debts from the construction of the high-speed network increased from Yuan 1.89 trillion in 2010 to Yuan 5.28 trillion at the end of September 2018. CRC’s overall debt ratio is around 65%.

Alternative forms of financing are now being adopted for rail infrastructure projects. Last month a Yuan 28.1bn loan agreement was concluded for the country’s first privately-financed high-speed line.