China, U.S. sign a deal for high-speed railway linking Las Vegas and LA

The agreement includes $100 million in initial capital

A consortium led by China Railway Group and XpressWest Enterprises LLC are teaming up to build a high speed railway that connects Los Angles to Las Vegas, according to a report Friday in Bloomberg News.

The agreement, which was signed just days before China’s Xi Jinping’s state visit to the United States, includes $100 million in initial capital, though there’s no information yet on how much the project will cost overall. According to the report, The agreement . . . is a milestone in China’s efforts to market its high-speed rail technology in advanced economies.”

The Chinese have been making an effort to export its high-speed rail technology to the developed world, and beat out rival Japan in the process. China’s first rail-related deal in the United states was a $567 million agreement inked last October to supply trains for Boston’s subway system.