Attracting Capital for Railway Development in China

Lawrence, Martha ; Ollivier, Gerald

World Bank, Washington, DC

关键词: TRANSIT AUTHORITIES;    TRANSPORT MARKET;    LAND USE PATTERN;    TRANSPORT SECTOR;    RAIL VEHICLES;   

RP-ID  :  102894

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

China Railways Corporation (CRC) isconsidering new ways to attract capital to support thestrategic development of the railway sector. Currently,government is the predominant equity financier, with debtbeing supplied by domestic bank credits and limited amountsborrowed from International Financial Institutions such asthe World Bank and Asian Development Bank. Considering itshigh level of accumulated debt and liabilities (RMB 3.7trillion on an asset base of 5.7 trillion), CRC wishes toexplore equity investment mechanisms, to increase cash flowfrom its core and non-core activities, and to use differentfinancing channels as a way to leverage the value of itsassets and introduce market-based business models to thesector.CRC is seeking to attract investment from both theprivate sector and from public sources such as localgovernments and state owned enterprises. It refers to thesesources of capital as ‘social capital.’This reportexamines how companies in China and railways in seven othercountries, China, France, India, Japan, Poland, Russia,United Kingdom, United States, have attracted capital andmade capital budgeting decisions to support their strategic development.