China to Allow Social Capital in Railway Sector
时间：2013-08-26 08:45:01
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The central government here in China has outlined how it intends to allow social investment into the railway
sector1.
CRI's He Fei has more.
A guideline has issued by the central government on how to
innovate2 railway funding and speed up railway construction.
The guideline suggests that ownership and management of intercity railways or rail lines in
suburban3 areas can be opened up to local governments or private investment.
Researcher Wang Jun from the China Center For International Economic Exchange says the central government is targeting the construction of railways to try to boost local economies.
"China's central and western regions seriously lack the construction of railway
coverage4. But we are now also facing financial problems, including how to lower the high debt in the railway sector."
Earlier this month, the China Railway Corporation, which replaced the
Ministry5 of Railways, set an investment target of up to 660 billion yuan in the overall railway sector this year.
As part of the plan, the central government will give
subsidies6 to the state-owned corporation over the next 3-years.
This is part of the broader attempt by the government to make this country's state-dominated
sectors7, such as the railway sector, more market-oriented.
Professor Peng Qiyuan is from Jiaotong University.
"If the railway system wants to be more opened up to the market, the threshold lies in the price. The central government can fix an institutional price, which can be floating according to the market needs. This kind of pricing
mechanism8 can bring more benefits to passengers and further promote the development of the railway sector."
The new plans also call for the creation of a railway development fund to support national railway projects.
The fund will be set up with cash from both the central government and other social investment vehicles.
For CRI, this is He Fei.
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