^^^Based on the banner in this photo...
...this portion of the line is in Fujian province. However, Jaroslaw said it's going all the way to at least Wenzhou, which is in Zhejiang province.
I'm pretty sure that high speed rail construction in China is 100% financed by the Central Government. And given the low labour costs in China, I'd say it'll cost a lot less than any HSR project in the US.