Study On The Financing Of Zhejiang-Jiangxi Railway (1899-1949)

The construction of railway in China began in the late Qing Dynasty,and then developed rapidly in Republic of China.However,It need a large amount of money for railway construction,but there was a financial distress to central and local government in Morden China.Thus reclaiming the financing channels became the key of China's railway construction.With the construction of Zhejiang-Jiangxi railway as an example,it could be divided into three sections: the segment of Pingxiang-Anyuan was built in the late Qing Dynasty,the major financing was government funding;the segment of Hangzhou-Yushan and Yushan-Pingxiang were dominated by the government,but the bank capital and foreign debt constituted the main form of the railway financing.After the Counter-Japanese War,the financing of the repairing was dominated by the banks that were controlled by government.During the process of the construction,the railway flexibly dealt with the relationship between domestic investment and foreign investment,not only played the role of the external debt to China's railway construction,but also activated the role of domestic capital in railway construction.At the same time,due to the difficulty of raising domestic capital,the emergence of bond pledge mode,innovated the cooperation between the government and the bank,and also enrich the form of railway financing,which promoted a win-win situation for both sides.The complexity of the financing of Zhejiang-Jiangxi railway reflects the characteristics and its causes of modern China's railway financing,which was the directly reflect of social and economic situation in different periods.