Attracting Capital for Railway Development in China

Ollivier, Gerald; Lawrence, Martha

Attracting Capital for Railway Development in China

2015

Ollivier, Gerald | Lawrence, Martha

China Railways Corporation (CRC) is considering new ways to attract capital to support the strategic development of the railway sector. Currently, government is the predominant equity financier, with debt being supplied by domestic bank credits and limited amounts borrowed from International Financial Institutions such as the World Bank and Asian Development Bank. Considering its high level of accumulated debt and liabilities (RMB 3.7 trillion on an asset base of 5.7 trillion), CRC wishes to explore equity investment mechanisms, to increase cash flow from its core and non-core activities, and to use different financing channels as a way to leverage the value of its assets and introduce market-based business models to the sector. CRC is seeking to attract investment from both the private sector and from public sources such as local governments and state owned enterprises. It refers to these sources of capital as ‘social capital.’ This report examines how companies in China and railways in seven other countries, China, France, India, Japan, Poland, Russia, United Kingdom, United States, have attracted capital and made capital budgeting decisions to support their strategic development.

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accidents costs drainage energy consumption grants income tax infrastructure initiatives inspection land use noise policies property rights public participation public roads public utilities rail transport railroads railways resettlement road transport roads route safety subsidies taxes toll traffic training trains transport transport infrastructure transport safety transportation trend tunnel urbanism vehicles

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World Bank, Washington, DC

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Buses; Capital investments; High ridership; Transport policies; Floor space; Transit capacity; Financial risk; Carriers; Subsidy; Rail services; Rail plan; Transit services; Toll revenues; Passenger numbers; Railway; Car; Transit stations; Access roads; Diesel; Property owners; Capital investment program; Fixed charge; Investments; Rail freight operator; Rail transportation; Accessibility; Agglomeration economies; Freight services; Reductions in traffic; Congestion problems; Rail industry; Passengers; Surface transportation; Artery; Transport research; Railway vehicles; Passenger rights; Automobile; Transportation economics; Rail investments; Long-distance; Rail companies; Financial performance; Railway undertakings; Transport of hazardous materials; Electric locomotive; Freight traffic; Mixed use development; Rail lines; Roadway; Rail traffic; Railway system; Safety issues; Rail link; Right of way; Rail freight market; Tax; Pedestrian access; Airport; Traffic volumes; Fuel; Transport services; Pedestrian; Passenger rail service; Transport service; Underground; Public transport; Passenger volume; Financial incentive; Intercity passenger; Crossings; Transit authorities; Transport sector; Agglomeration benefits; Transport operations; Railway operators; Routes; Rail network; Rail service; Rail vehicles; Bus lanes; Railroad; Vehicle manufacturers; Passenger traffic; Light rail; Direct routes; Street amenities; Freight market; Passenger transport; Railway industry; Transport market; True; Fare revenues; Infrastructure capacity; Fleets; Streets; Financial burden; Rail corridors; High-speed rail; Commuters; High speed rail; Floor area; Fares; Railway sector; Suburbs; Rail line; Vehicle; Travel time; Rail sector; Infrastructure funding; Rail transit; Floor area ratio; Patronage; Passenger service; Mass transit railway; Volume of traffic; Traffic flow; Rebates; Railway stations; Property taxes; Transit service; Right-of-way; Suburban rail; Local transport; Fleet management; Long- distance; Rail company; Freight; Freight terminals; Transit operations; Rail construction; Railway lines; Freight rail; Diesel locomotives; City transit; Transport system; Demand for transport; Lanes; Infrastructure projects; Congestion; Rail” market; Tram; Land use pattern; Fuel efficiency; Transparency; Economies of scale; Rail stations; Commuter lines; Land • use; Profitable routes; Trails; Traffic risk; Local roads; Rail customers; National railway; Transit stops; Railway companies; Freight service; Public subsidies; Transit patronage; Infrastructure costs; Rail system; Ridership; Rail; Road; Travel; Rights of access; Light rail transit; International airport; Traffic demand; Rail freight; Mass transit; Bicycle parking; Private railways; Historic buildings; Capital projects; Passenger rail; Modal share; Railway investment; National rail network; Rail market; Rail operations; Urban street; Demand for transport services; Transport facilities; Travel speed; Bus; Railway market; Capital investment; Rail revenue; Profit margins; Locomotive; Rolling stock; Mixed use; Rail project; Railway network; Bus services; Traffic accidents; Passenger services; Transport planning; Bridge; Transit; Mileage; Profit margin; Transportation equipment; Affordable housing; Infrastructures; Driving; Urban rail; Rail infrastructure; Traffic levels

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application/pdf, text/plain

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CC BY 3.0 IGO, http://creativecommons.org/licenses/by/3.0/igo/, World Bank

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Working Paper; Work; Working Paper

En AGRIS desde: 2024-10-18

Fecha de modificación: 2025-10-25

Formato: Dublin Core

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DOI http://documents.worldbank.org/curated/en/2015/12/25714663/attracting-capital-railway-development-china https://hdl.handle.net/10986/23800

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Attracting Capital for Railway Development in China

2015

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