Huang Qiang, chief researcher of the China Academy of Railway Sciences and a member of the Chinese People's Political Consultative Conference National Committee, added that the country will welcome overseas and private investment to overcome a lack of funding.
Some high-speed train projects were stalled last year because of a budget shortfall of 500 billion yuan ($79 billion) for the whole industry, said Huang.
On Monday, Wang Mengshu, chief engineer of the China Railway Tunnel Group, told the annual session of the National People's Congress, the top legislative body, that the suspension cost the country more than 100 billion yuan, according to reports from the Xinhua News Agency.
"According to
The rails for the high-speed trains - currently 7,000 km in length - will account for 12,000 km of the 2015 total.
On July 23, a high-speed train crashed into a stalled engine near the city of
An official report released about six months later showed that the collision was caused by severe design defects in control-center equipment and inadequate inspection of parts.
"All the defective parts have been recalled and replaced," said Li Heping, another researcher at the China Academy of Railway Sciences and also a member of the CPPCC.
Following the crash, the government reduced the speed of bullet trains to 300 km per hour from 350 km. However, Huang said the reduction wasn't implemented because of the accident, but because
He also admitted that exports of high-speed trains will be affected by the crash in the short term, but he is optimistic about exporting trains and technology over the long term.
"Although in some technologies,