China's high-speed rail project runs out of money

China's high-speed rail project has run out of money and will be scaled back.

More than two-thirds of 23 railway projects have been suspended, partly suspended, or delayed, according to the Chinese state media.

A source told the news agency Dow Jones that only nine new lines would be commissioned this year, compared with 70 last year.

The Chinese Railways Ministry has run up huge debts and is struggling to persuade banks to finance its ambitions.

Ticket sales have been slow.