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And as safety concerns linger after the bullet train crash in Wenzhou, analysts say it could affect China's rail exports. Chinese companies have been helping to build high speed rail lines in other countries.
The deadly train crash in Wenzhou City in Zhejiang Province on Saturday has heightened concerns about the safety standards of China's much-publicized bullet trains. The impact of the crash could also disrupt rail exports.
Amid public anger and criticism over the handling of the wreckage, analysts blamed the rapidly growing rail network for compromising safety standards.
The Chinese regime has invested heavily in the venture—pushing to export its high-speed train technology. The collision has raised questions over the race to develop the world's largest bullet train network.
Analysts are saying the Wenzhou crash could derail the Chinese regime's hope of selling the high-speed train technology overseas.
According to AFP, IHS Global Insight's senior analyst Alistair Thornton says, "There are already concerns overseas about the quality of some of this technology. I think this will make it very difficult for policymakers in the West to rely on China as a source."
Chinese companies are helping to construct bullet train links in Turkey, Venezuela, and Saudi Arabia. A Chinese train manufacturer, CSR has signed an agreement with US General Electric to make high-speed trains in the United States.
According to AFP, Atlantis Investment Research president Edwin Merner, Chinese companies have "zero" prospect of exporting its high-speed trains and equipment overseas over the next five to 10 years.
Shares in Chinese rail and train manufacturing companies have plunged since the accident.