Mr Hammond again took the opportunity to criticise high bonuses paid to those in the railway industry.
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As a result, within a few years China may well have the most advanced railway industry in the world.
Many of them live and work in areas with a rich and proud tradition as a cornerstone of the British railway industry.
The carving of a steam engine in black granite rests on top of a plinth, which includes a montage of images representing the railway industry.
At the centre of the railway industry's problems is the division of track from trains which sets up an adversarial relationship between Railtrack and the train operating companies.
It was the Victorian railway industry that was most keen on the laws requiring a man to walk with a red flag in front of newfangled motor cars.
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ChinaScope Financial's Mr. Zhu said Beijing will also push ahead with further deregulation and liberalization in the railway industry so as to attract more private capital to invest in the sector.
The 21st Century Business Herald runs an analysis saying that with more and more railway officials being investigated for suspected corruption after Liu Zhijun's downfall, China's high speed railway industry is poised for a reshuffle.
"These five men worked in an under-funded, under-invested railway industry, which had been neglected by governments of all parties for over 40 years and which had recently undergone a botched and unworkable privatisation, " said Jonathan Goldberg, QC, for Mr Jeffries.
After two record years of track-laying, the problems now facing the railway-building industry are severe.
Perhaps, but they would do well to remember what happened after the railway fever of the 19th century: the industry had to endure three busts before investors made any serious money.
The Confederation of British Industry was more diplomatic, saying that while it supported a snazzy new railway line, a new runway for Heathrow was still necessary.
But that's, you know, two, three years away, what I want to do is to get the industry now to focus on a simple job which is to provide a railway network which is safe, which runs on time and which is comfortable for the travelling public.
The industry was deregulated in 1980, but since then mergers have reduced the number of big railway companies to a handful.
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Lord Cullen said privatisation of the rail industry had fragmented the network so it "hampered the learning of lessons from accidents where different railway operators are involved".
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