Working Paper

Attracting Capital for Railway Development in China

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collection.link.213
https://openknowledge.worldbank.org/handle/10986/11866
collection.name.213
Other papers
dc.contributor.author
Lawrence, Martha
dc.contributor.author
Ollivier, Gerald
dc.date.accessioned
2016-03-01T23:08:51Z
dc.date.available
2016-03-01T23:08:51Z
dc.date.issued
2015-12-23
dc.date.lastModified
2021-06-14T10:15:50Z
dc.description.abstract
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.
en
dc.identifier
http://documents.worldbank.org/curated/en/2015/12/25714663/attracting-capital-railway-development-china
dc.identifier.uri
http://hdl.handle.net/10986/23800
dc.language
English
dc.language.iso
en_US
dc.publisher
World Bank, Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
TRANSIT AUTHORITIES
dc.subject
TRANSPORT MARKET
dc.subject
LAND USE PATTERN
dc.subject
TRANSPORT SECTOR
dc.subject
RAIL VEHICLES
dc.subject
RAIL FREIGHT OPERATOR
dc.subject
RAIL NETWORK
dc.subject
PASSENGERS
dc.subject
CROSSINGS
dc.subject
DIESEL LOCOMOTIVES
dc.subject
RAIL PROJECT
dc.subject
TRAFFIC FLOW
dc.subject
TREND
dc.subject
MILEAGE
dc.subject
RAIL SERVICE
dc.subject
RAIL TRANSPORTATION
dc.subject
RAIL” MARKET
dc.subject
TRAVEL SPEED
dc.subject
TOLL
dc.subject
TRANSPORT SAFETY
dc.subject
LONG- DISTANCE
dc.subject
RAILWAY LINES
dc.subject
VOLUME OF TRAFFIC
dc.subject
FARE REVENUES
dc.subject
UNDERGROUND
dc.subject
TRANSPORT SERVICES
dc.subject
LAND • USE
dc.subject
TUNNEL
dc.subject
LOCAL TRANSPORT
dc.subject
RAIL CONSTRUCTION
dc.subject
URBANISM
dc.subject
RAIL TRANSPORT
dc.subject
FREIGHT TRAFFIC
dc.subject
TRAINING
dc.subject
RAIL LINK
dc.subject
PASSENGER NUMBERS
dc.subject
RAIL CORRIDORS
dc.subject
RAIL INVESTMENTS
dc.subject
REBATES
dc.subject
TRANSPORT PLANNING
dc.subject
RAIL LINE
dc.subject
SURFACE TRANSPORTATION
dc.subject
PUBLIC ROADS
dc.subject
RAIL COMPANY
dc.subject
CONGESTION PROBLEMS
dc.subject
ACCESS ROADS
dc.subject
NATIONAL RAIL NETWORK
dc.subject
DRAINAGE
dc.subject
FLOOR AREA
dc.subject
RAIL TRAFFIC
dc.subject
URBAN RAIL
dc.subject
TRANSIT PATRONAGE
dc.subject
CAPITAL INVESTMENTS
dc.subject
RAILWAY VEHICLES
dc.subject
LOCOMOTIVE
dc.subject
SUBSIDIES
dc.subject
GRANTS
dc.subject
INFRASTRUCTURE
dc.subject
LAND USE
dc.subject
BUSES
dc.subject
MIXED USE
dc.subject
FLEET MANAGEMENT
dc.subject
CONGESTION
dc.subject
DRIVING
dc.subject
TRANSPORTATION
dc.subject
TRAFFIC RISK
dc.subject
INSPECTION
dc.subject
FUEL EFFICIENCY
dc.subject
TRANSIT STATIONS
dc.subject
COMMUTER LINES
dc.subject
POLICIES
dc.subject
TRANSIT STOPS
dc.subject
TRANSPARENCY
dc.subject
RESETTLEMENT
dc.subject
PASSENGER RAIL SERVICE
dc.subject
RAIL MARKET
dc.subject
PASSENGER SERVICE
dc.subject
TRAINS
dc.subject
ACCESSIBILITY
dc.subject
DIRECT ROUTES
dc.subject
FINANCIAL BURDEN
dc.subject
MASS TRANSIT
dc.subject
FINANCIAL PERFORMANCE
dc.subject
PASSENGER VOLUME
dc.subject
RAIL SECTOR
dc.subject
ROLLING STOCK
dc.subject
RAILWAY
dc.subject
RAILWAY COMPANIES
dc.subject
AFFORDABLE HOUSING
dc.subject
ROADS
dc.subject
CAR
dc.subject
RAIL REVENUE
dc.subject
LOCAL ROADS
dc.subject
FLEETS
dc.subject
PASSENGER RIGHTS
dc.subject
RAILROAD
dc.subject
ECONOMIES OF SCALE
dc.subject
RAILWAY UNDERTAKINGS
dc.subject
AGGLOMERATION ECONOMIES
dc.subject
PRIVATE RAILWAYS
dc.subject
PEDESTRIAN
dc.subject
HIGH SPEED RAIL
dc.subject
RAIL
dc.subject
FUEL
dc.subject
TRAILS
dc.subject
LIGHT RAIL TRANSIT
dc.subject
LANES
dc.subject
CITY TRANSIT
dc.subject
URBAN STREET
dc.subject
TRANSPORT SYSTEM
dc.subject
RAILWAY OPERATORS
dc.subject
PEDESTRIAN ACCESS
dc.subject
HISTORIC BUILDINGS
dc.subject
PROFITABLE ROUTES
dc.subject
CAPITAL INVESTMENT
dc.subject
DIESEL
dc.subject
ROAD TRANSPORT
dc.subject
TRAVEL TIME
dc.subject
ELECTRIC LOCOMOTIVE
dc.subject
TRANSPORT POLICIES
dc.subject
INFRASTRUCTURES
dc.subject
FREIGHT
dc.subject
TRANSPORT OPERATIONS
dc.subject
REDUCTIONS IN TRAFFIC
dc.subject
RAIL INFRASTRUCTURE
dc.subject
INFRASTRUCTURE CAPACITY
dc.subject
PASSENGER SERVICES
dc.subject
AUTOMOBILE
dc.subject
PUBLIC UTILITIES
dc.subject
FREIGHT SERVICES
dc.subject
PROFIT MARGINS
dc.subject
TRANSPORT SERVICE
dc.subject
FLOOR SPACE
dc.subject
RAILWAY INVESTMENT
dc.subject
RAIL OPERATIONS
dc.subject
INTERCITY PASSENGER
dc.subject
AIRPORT
dc.subject
CAPITAL INVESTMENT PROGRAM
dc.subject
RAIL PLAN
dc.subject
INFRASTRUCTURE FUNDING
dc.subject
TRANSPORT INFRASTRUCTURE
dc.subject
INTERNATIONAL AIRPORT
dc.subject
VEHICLES
dc.subject
RAIL FREIGHT MARKET
dc.subject
RAIL LINES
dc.subject
PROPERTY RIGHTS
dc.subject
FARES
dc.subject
FREIGHT SERVICE
dc.subject
RAILWAY INDUSTRY
dc.subject
AGGLOMERATION BENEFITS
dc.subject
TRAFFIC DEMAND
dc.subject
MIXED USE DEVELOPMENT
dc.subject
ROADWAY
dc.subject
CARRIERS
dc.subject
SUBSIDY
dc.subject
TRAFFIC
dc.subject
RAILWAY STATIONS
dc.subject
TAX
dc.subject
INCOME TAX
dc.subject
ROUTES
dc.subject
STREET AMENITIES
dc.subject
HIGH RIDERSHIP
dc.subject
RAIL INDUSTRY
dc.subject
BUS LANES
dc.subject
RAIL TRANSIT
dc.subject
TOLL REVENUES
dc.subject
PROPERTY OWNERS
dc.subject
NATIONAL RAILWAY
dc.subject
VEHICLE
dc.subject
ROAD
dc.subject
TRANSIT SERVICES
dc.subject
VEHICLE MANUFACTURERS
dc.subject
COMMUTERS
dc.subject
COSTS
dc.subject
RAILWAY SECTOR
dc.subject
RIGHTS OF ACCESS
dc.subject
TRANSPORT
dc.subject
TRANSIT SERVICE
dc.subject
RAILWAY SYSTEM
dc.subject
LONG-DISTANCE
dc.subject
RAILWAY NETWORK
dc.subject
ARTERY
dc.subject
DEMAND FOR TRANSPORT
dc.subject
TRUE
dc.subject
TRANSPORT FACILITIES
dc.subject
BUS SERVICES
dc.subject
SUBURBS
dc.subject
RAIL STATIONS
dc.subject
ROUTE
dc.subject
TRAFFIC ACCIDENTS
dc.subject
BICYCLE PARKING
dc.subject
FINANCIAL INCENTIVE
dc.subject
TAXES
dc.subject
PROFIT MARGIN
dc.subject
PUBLIC SUBSIDIES
dc.subject
DEMAND FOR TRANSPORT SERVICES
dc.subject
BUS
dc.subject
ENERGY CONSUMPTION
dc.subject
MODAL SHARE
dc.subject
INITIATIVES
dc.subject
RAIL FREIGHT
dc.subject
RAIL SERVICES
dc.subject
TRAVEL
dc.subject
TRANSIT
dc.subject
TRANSIT CAPACITY
dc.subject
FREIGHT TERMINALS
dc.subject
PROPERTY TAXES
dc.subject
INFRASTRUCTURE COSTS
dc.subject
TRANSPORT RESEARCH
dc.subject
CAPITAL PROJECTS
dc.subject
RAIL CUSTOMERS
dc.subject
RAIL SYSTEM
dc.subject
MASS TRANSIT RAILWAY
dc.subject
FLOOR AREA RATIO
dc.subject
PUBLIC TRANSPORT
dc.subject
TRAM
dc.subject
PASSENGER TRAFFIC
dc.subject
INFRASTRUCTURE PROJECTS
dc.subject
STREETS
dc.subject
TRANSPORTATION EQUIPMENT
dc.subject
BRIDGE
dc.subject
TRANSPORT OF HAZARDOUS MATERIALS
dc.subject
TRAFFIC VOLUMES
dc.subject
FREIGHT RAIL
dc.subject
RAILWAYS
dc.subject
HIGH-SPEED RAIL
dc.subject
RAIL COMPANIES
dc.subject
TRANSIT OPERATIONS
dc.subject
ACCIDENTS
dc.subject
PATRONAGE
dc.subject
PUBLIC PARTICIPATION
dc.subject
RIDERSHIP
dc.subject
RAILROADS
dc.subject
PASSENGER RAIL
dc.subject
FIXED CHARGE
dc.subject
INVESTMENTS
dc.subject
FREIGHT MARKET
dc.subject
TRAFFIC LEVELS
dc.subject
FINANCIAL RISK
dc.subject
RAILWAY MARKET
dc.subject
RIGHT OF WAY
dc.subject
SAFETY ISSUES
dc.subject
TRANSPORTATION ECONOMICS
dc.subject
LIGHT RAIL
dc.subject
NOISE
dc.subject
SAFETY
dc.subject
PASSENGER TRANSPORT
dc.subject
SUBURBAN RAIL
dc.subject
RIGHT-OF-WAY
dc.title
Attracting Capital for Railway Development in China
en
dc.type
Working Paper
en
okr.date.disclosure
2016-01-27
okr.doctype
Publications & Research :: Working Paper
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/2015/12/25714663/attracting-capital-railway-development-china
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
090224b0841f32e5_2_0
okr.identifier.internaldocumentum
25714663
okr.identifier.report
102894
okr.imported
true
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/EAP/2015/12/23/090224b083fe85d8/1_0/Rendered/PDF/Attracting0Equ0Develompent0in0China.pdf
en
okr.region.administrative
East Asia and Pacific
okr.region.country
China
okr.sector
Transportation :: Railways
okr.theme
Financial and private sector development :: Infrastructure services for private sector development
okr.theme
Financial and private sector development :: State-owned enterprise restructuring and privatization
okr.topic
Transport :: Transport Economics & Policy Planning
okr.topic
Finance and Financial Sector Development :: Access to Finance
okr.topic
Infrastructure Economics and Finance :: Private Participation in Infrastructure
okr.unit
GTITR -EAP (GTI02)

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