China’s High-speed Rail "Going Global" And Its Financing Risk Analysis

With the improvement of China’s high-speed rail technology,high-speed rail has become a new growth point and force point of China’s economic development,and it has been the state’s focus.The formation of a domestic high-speed rail network has gradually made domestic demand saturated,in order to seek greater development,the Chinese high-speed rail will shift its target to overseas markets.The key to the “going out” of high-speed railways in China is financing.Therefore,the research on the “going out” financing of high-speed rails in China has become a hot spot for all walks of life.In the process of globalization,what advantages does China’s high-speed rail have comparing with developed countries? What are the financing risks faced by China’s high-speed rails "going out" ? How to reduce the risk of China’s high-speed trains "going out" ? These issues are worth our further exploration.In view of the above problems,this paper summarizes the current status,advantages and financing risks of China’s high-speed rails “going out”;secondly,using case analysis methods,four overseas high-speed rail projects are selected to analyze the financing structure and the main financing risks;Finally,based on the results of the case analysis,this paper points out the main risks China’s high-speed rails “going out ” face in financing,and puts forward corresponding policy recommendations.After theoretical analysis and case analysis,this paper finds that: First,most of China’s high-speed rail exports are in Asia,and most of the export countries are developing countries along the “One Belt and One Road”.Financing has become a major issue for China’s overseas high-speed rail projects.Second,from the ChinaThailand high-speed rail,China-Myanmar high-speed rail,and Mexican high-speed rail projects,it can be seen that political risks are the main risks for China’s highspeed rails “going out”.Third,through the financing structure of the Yawan Highspeed Rail,Anyi High-speed Rail,and Moscow-Kazan High-speed Rail projects,the analysis concludes that the financing subject of the overseas high-speed rail project is too single.Forth,through the research on the Saudi light rail project,it has been found that exchange rate risk is the main reason for the loss of this project.