China is tightening approvals for intercity railways and urban metro projects – long-standing pillars of fixed-asset investment – as policymakers pay closer attention to debt risks while shifting the growth model towards consumption.
The move comes as President Xi Jinping has specifically flagged operational strains at some high-speed rail stations and subway lines – a sign that the old growth driver may be further curtailed in the coming years.
According to an online statement on Sunday by the…