The Shanghai Maglev Train, a joint venture project inaugurated in 2002, cost $1.2 billion and features a 30.5 km route with a top speed of 431 km/h. Despite initially high passenger numbers, it operates at less than 20% capacity and incurs significant financial losses, prompting reconsideration of future maglev projects. The central government has since favored conventional high-speed rail over maglev for connections to Beijing and other regions.