Well, they did promise to cut costs to 1/3 of the German version, but they didn’t actually build it:
“Originally planned to be ready for Expo 2010, the controversial project was repeatedly delayed, with final approval being granted on August 18, 2008.”
“[...] In March 2009, the project was reported to be "suspended", although it had not been officially cancelled. The October 26, 2010 opening of the Shanghai–Hangzhou high-speed railway makes construction of this line unlikely.”
Reading further: “The prototype didn't run at 600 km/h, but at a much lower speed as an operational debugging test.”
And then:
“According to CRRC, by the end of 2020, five high-speed maglev test vehicles will be rolled off the production line. Besides, a whole engineering system of the 600 km/h high-speed maglev prototype will be completed, which signifies China will master a whole set of the technology and engineering capability by that time.”
“[...] China aims to put a 500-km-long high-speed maglev line into commercial use by 2025.”
“[...] Using German technology, the Shanghai maglev line is a demonstration line. Since then, China has been striving to develop its independent technology in the field, where Japan and Germany have been taking leading positions.”
“Step by step, the country is making solid progress. Analysts say that the successful test on Sunday signifies that China has achieved the same level as Japan.”
https://www.dw.com/en/china-masters-german-train-technology-...