A decade ago, China considered its railway sector an essential strategic industry that must never fall into the hands of foreigners, lest they use it to invade and conquer the country.
Today, Beijing has ambitious plans to spend hundreds of billions of dollars on improving and expanding the nation's creaky rail network but is only prepared to put up a fraction of the required amount.
Now foreign companies are ostensibly welcome to participate as the state begins to cautiously privatise parts of its rail assets. A state media report yesterday suggested the ministry of railways may fold assets worth around Rmb300bn ($44bn) into a company that would then raise money through an initial public offering.
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