There are big plans to expand China’s railways, but the price tag is equally big: a stunning US$240 billion shortfall through 2020 has been cited in the official media. At least 100 billion yuan ($12 billion) will be needed annually to expand the rail network from its current 75,000km to the planned 100,000km by 2020. From 2000 to 2004, actual annual investment was only 54 billion yuan: a hefty sum, to be sure, but still not enough. Partial privatization, which would allow private capital to close part of this yawning gap, is being touted as the solution. But the jury is still out on whether this will work.
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