High speed rail (in China, anyway) is a railway that travels faster than 200 km/hour. While other countries in Europe and Japan have developed high speed rail, China now has the largest network in the world, with both mainlines and connecting links often providing 300km/hour travel. The network now comprises more than 16,000 km of dedicated track and another approx. 16,000 km of shared passenger rail + freight. Another 16,000 km is in the process of planning and or construction.
For example, you can travel from the centre of Beijing to Shanghai (about 1318 km) in approximately 4.5 hours, a travel time that makes for serious competition with air-travel (flight time is 2 hours, but you need to consider check-in requirements and travel time from central city to airports located on the fringe of a city).
High speed rail is now being sold abroad. A joint Russia-China agreement has been signed to build a high speed link from east Asia (Beijing) to Moscow.
The current travel time on the famous Siberian Express is 6 days, the new rail link will take less than two days.
Methods have been developed that permit fast construction - here's two videos that show their methodology. The concept is simple, rather than following the contours of the land, build a level track by tunnelling through mountains and building elevated track where there are valleys.