“市市通高铁”的竞赛，该降温了

Core Viewpoint - The expansion of high-speed rail (HSR) networks in China is accelerating, with new provinces achieving "city-to-city high-speed rail" connectivity, enhancing regional economic integration and competitiveness [3][4][10]. Group 1: High-Speed Rail Expansion - The Guizhou Panxun to Xingyi high-speed railway has entered the critical acceptance phase, while the Shenyang to Baihe section of the Shenyang-Jia high-speed railway has begun trial operations [2]. - With the opening of the Panxun high-speed railway, Guizhou will achieve full high-speed rail connectivity, while Liaoning will also join the ranks of provinces with "city-to-city high-speed rail" [3][4]. - Currently, there are 10 provinces with "city-to-city high-speed rail," and this number will increase to 12 with the inclusion of Guizhou and Liaoning [4]. Group 2: Economic Impact and Challenges - High-speed rail is viewed as a symbol of modernization and an economic accelerator, reshaping China's economic geography [5][7]. - The competition for high-speed rail routes and stations is intensifying, driven by the desire for economic growth and regional dominance [8]. - High-speed rail networks are crucial for connecting cities and facilitating investment, as seen in the case of Chengdu, which experienced a population increase of nearly 6 million from 2010 to 2020 due to improved rail connectivity [12]. Group 3: Financial and Operational Challenges - The construction of high-speed rail is capital-intensive, with costs often reaching hundreds of billions or even trillions, leading to significant debt reliance on bank loans and bond issuance [19]. - As of the end of 2024, the total debt of the China National Railway Group is projected to exceed 6.2 trillion yuan [19]. - Many high-speed rail lines, especially in central and western regions, are operating at a loss, which places additional financial burdens on local governments [20][21]. Group 4: Strategic Considerations for Future Development - The value of high-speed rail extends beyond economic calculations, providing significant social benefits and improving transportation efficiency for remote areas [32]. - Future high-speed rail construction should prioritize scientific planning and cost-benefit analysis to avoid blind investments [35][36]. - Policies are being implemented to control the construction of parallel high-speed rail lines and ensure that new projects meet specific demand criteria [36][37].