Ollivier, GeraldLawrence, Martha2016-03-012016-03-012015-12-23https://hdl.handle.net/10986/23800China 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-USCC BY 3.0 IGOTRANSIT AUTHORITIESTRANSPORT MARKETLAND USE PATTERNTRANSPORT SECTORRAIL VEHICLESRAIL FREIGHT OPERATORRAIL NETWORKPASSENGERSCROSSINGSDIESEL LOCOMOTIVESRAIL PROJECTTRAFFIC FLOWTRENDMILEAGERAIL SERVICERAIL TRANSPORTATIONRAIL” MARKETTRAVEL SPEEDTOLLTRANSPORT SAFETYLONG- DISTANCERAILWAY LINESVOLUME OF TRAFFICFARE REVENUESUNDERGROUNDTRANSPORT SERVICESLAND • USETUNNELLOCAL TRANSPORTRAIL CONSTRUCTIONURBANISMRAIL TRANSPORTFREIGHT TRAFFICTRAININGRAIL LINKPASSENGER NUMBERSRAIL CORRIDORSRAIL INVESTMENTSREBATESTRANSPORT PLANNINGRAIL LINESURFACE TRANSPORTATIONPUBLIC ROADSRAIL COMPANYCONGESTION PROBLEMSACCESS ROADSNATIONAL RAIL NETWORKDRAINAGEFLOOR AREARAIL TRAFFICURBAN RAILTRANSIT PATRONAGECAPITAL INVESTMENTSRAILWAY VEHICLESLOCOMOTIVESUBSIDIESGRANTSINFRASTRUCTURELAND USEBUSESMIXED USEFLEET MANAGEMENTCONGESTIONDRIVINGTRANSPORTATIONTRAFFIC RISKINSPECTIONFUEL EFFICIENCYTRANSIT STATIONSCOMMUTER LINESPOLICIESTRANSIT STOPSTRANSPARENCYRESETTLEMENTPASSENGER RAIL SERVICERAIL MARKETPASSENGER SERVICETRAINSACCESSIBILITYDIRECT ROUTESFINANCIAL BURDENMASS TRANSITFINANCIAL PERFORMANCEPASSENGER VOLUMERAIL SECTORROLLING STOCKRAILWAYRAILWAY COMPANIESAFFORDABLE HOUSINGROADSCARRAIL REVENUELOCAL ROADSFLEETSPASSENGER RIGHTSRAILROADECONOMIES OF SCALERAILWAY UNDERTAKINGSAGGLOMERATION ECONOMIESPRIVATE RAILWAYSPEDESTRIANHIGH SPEED RAILRAILFUELTRAILSLIGHT RAIL TRANSITLANESCITY TRANSITURBAN STREETTRANSPORT SYSTEMRAILWAY OPERATORSPEDESTRIAN ACCESSHISTORIC BUILDINGSPROFITABLE ROUTESCAPITAL INVESTMENTDIESELROAD TRANSPORTTRAVEL TIMEELECTRIC LOCOMOTIVETRANSPORT POLICIESINFRASTRUCTURESFREIGHTTRANSPORT OPERATIONSREDUCTIONS IN TRAFFICRAIL INFRASTRUCTUREINFRASTRUCTURE CAPACITYPASSENGER SERVICESAUTOMOBILEPUBLIC UTILITIESFREIGHT SERVICESPROFIT MARGINSTRANSPORT SERVICEFLOOR SPACERAILWAY INVESTMENTRAIL OPERATIONSINTERCITY PASSENGERAIRPORTCAPITAL INVESTMENT PROGRAMRAIL PLANINFRASTRUCTURE FUNDINGTRANSPORT INFRASTRUCTUREINTERNATIONAL AIRPORTVEHICLESRAIL FREIGHT MARKETRAIL LINESPROPERTY RIGHTSFARESFREIGHT SERVICERAILWAY INDUSTRYAGGLOMERATION BENEFITSTRAFFIC DEMANDMIXED USE DEVELOPMENTROADWAYCARRIERSSUBSIDYTRAFFICRAILWAY STATIONSTAXINCOME TAXROUTESSTREET AMENITIESHIGH RIDERSHIPRAIL INDUSTRYBUS LANESRAIL TRANSITTOLL REVENUESPROPERTY OWNERSNATIONAL RAILWAYVEHICLEROADTRANSIT SERVICESVEHICLE MANUFACTURERSCOMMUTERSCOSTSRAILWAY SECTORRIGHTS OF ACCESSTRANSPORTTRANSIT SERVICERAILWAY SYSTEMLONG-DISTANCERAILWAY NETWORKARTERYDEMAND FOR TRANSPORTTRUETRANSPORT FACILITIESBUS SERVICESSUBURBSRAIL STATIONSROUTETRAFFIC ACCIDENTSBICYCLE PARKINGFINANCIAL INCENTIVETAXESPROFIT MARGINPUBLIC SUBSIDIESDEMAND FOR TRANSPORT SERVICESBUSENERGY CONSUMPTIONMODAL SHAREINITIATIVESRAIL FREIGHTRAIL SERVICESTRAVELTRANSITTRANSIT CAPACITYFREIGHT TERMINALSPROPERTY TAXESINFRASTRUCTURE COSTSTRANSPORT RESEARCHCAPITAL PROJECTSRAIL CUSTOMERSRAIL SYSTEMMASS TRANSIT RAILWAYFLOOR AREA RATIOPUBLIC TRANSPORTTRAMPASSENGER TRAFFICINFRASTRUCTURE PROJECTSSTREETSTRANSPORTATION EQUIPMENTBRIDGETRANSPORT OF HAZARDOUS MATERIALSTRAFFIC VOLUMESFREIGHT RAILRAILWAYSHIGH-SPEED RAILRAIL COMPANIESTRANSIT OPERATIONSACCIDENTSPATRONAGEPUBLIC PARTICIPATIONRIDERSHIPRAILROADSPASSENGER RAILFIXED CHARGEINVESTMENTSFREIGHT MARKETTRAFFIC LEVELSFINANCIAL RISKRAILWAY MARKETRIGHT OF WAYSAFETY ISSUESTRANSPORTATION ECONOMICSLIGHT RAILNOISESAFETYPASSENGER TRANSPORTSUBURBAN RAILRIGHT-OF-WAYWorking PaperWorld Bank10.1596/23800