I am very aware that, as I am native Chinese. CRS is SOE, but when they constructed each individual HSR project, they got the investment from local governments,

I am very aware that, as I am native Chinese. CRS is SOE, but when they constructed each individual HSR project, they got the investment from local governments, as each local governments knew that HSR would greatly benefit the economy. Just like HSR project between Beijing and Shanghai, which got the investment from seven local governments, if you can read Chinese: https://zh.wikipedia.org/wiki/京沪高速铁路 https://zh.wikipedia.org/wiki/京沪高速铁路 The whole project has 12 major shareholders, including 7 local governments.