China failed to heed rail safety warnings

The collision of two Chinese bullet trains on Saturday has validated criticisms of the rail network’s hasty construction and put an end, at least temporarily, to China’s ambitions to sell its high-speed rail technology to the world, the Financial Times reported. Rail experts warned that China’s rush to build the world’s longest and fastest high-speed rail network during the past 18 months was laying grounds for disaster. While the Railway Ministry and state-owned rail firms have repeatedly said they own almost all of the intellectual property for the country’s high-speed rail technology, foreign railway executives have complained that trains were copied from companies like Japan’s Kawasaki (7012.TYO), Germany’s Siemens (SI.NYSE, SIE.ETR) and France’s Alstom (ALO.EPA), modified somewhat, and then made to run at inappropriate speeds. Survivor accounts and the lack of transparency surrounding the tragedy have some questioning the accuracy of the official death toll – which state media said is at least 39 – as well as the official explanation that lightning caused the crash.