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I've seen their current Maglev that runs between Shanghai and Pudong Airport. It's pretty impressive and goes to about 400 km/hr I think. This new one ups the game by a couple of hundred km/hr.
Link
This is the kind of technology the US needs to be leading in.
(CNN) — China has revealed a prototype for a new high-speed Maglev train that is capable of reaching speeds of 620 kilometers (385 miles) per hour.
The train runs on high-temperature superconducting (HTS) power that makes it look as if the train is floating along the magnetized tracks.
The sleek 21-meter-long (69 feet) prototype was unveiled to media in the city of Chengdu, Sichuan Province, on January 13. In addition, university researchers constructed 165 meters (541 feet) of track to demonstrate how the train would look and feel in transit, according to state-run Xinhua News.
Link
This is the kind of technology the US needs to be leading in.