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Official: No listing plan for Beijing-Shanghai express rail

By Zhang Jiawei (chinadaily.com.cn)
Updated: 2009-07-30 16:45

The Beijing-Shanghai High-Speed Railway has not yet planned to be listed, Zhang Shuguang, chief of the transportation department of the Ministry of Railways (MOR), said at a recent news conference held by the ministry.

However, the listing for the existing Beijing-Shanghai Railway is being researched, with further actions yet to be initiated, Zhang told China Business News.

Rumors have been circulating that the high-speed railway will be listed in a package with the existing Beijing-Shanghai Railway, with the total asset amounting to 300 billion yuan ($43.90 billion).

An expert with the Institute of Comprehensive Transportation under the National Development and Reform Commission (NDRC), China's top economic planner, told the newspaper they have proposed two listing plans to the MOR designed for the highspeed railway. One plan is for the new railway to be listed alone; the other is it will get listed in a package with the existing Beijing-Shanghai Railway.

"The existing Beijing-Shanghai Railway is gaining good profits," the expert said. "It will focus on cargo transportation when the new high-speed railway comes into operation, and its profitability won't lag behind."

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Other railway lines which have clearly established ownerships and quality assets can also choose to get a listing in order to fuel their development, the expert added. And seeking to be listed will in the future become the main way for railway lines to receive financing, which currently depends mostly on government support, bonds issuance and railway construction funds.

Running through the most prosperous and populous area in China, the highspeed railway may become the world's most profitable railway line in the future, the newspaper said, citing Zhang. "Once the Beijing-Shanghai High-Speed Railway gets listed, its stocks will be bound to bring investors earnings," he said.

The report said 66.8 billion yuan had been invested into the project as of April this year since construction on the new 1,318-km railway began on April 18, 2008. The planned total spending on the project exceeds 220 billion yuan, with 60 billion yuan earmarked for the present year. Construction work is likely to be completed before the May Day holiday in 2011.

With a designed train speed of 350 km/h, the express rail line will shorten the travel time between Beijing and Shanghai from the present 10 hours needed on the existing railway line to approximately four hours.