<PAGE>

                                                                    EXHIBIT 12.1
                                                                TO ANNUAL REPORT
                                                                    ON FORM 20-F

                 CERTIFICATION OF CO-PRINCIPAL EXECUTIVE OFFICER
                           PURSUANT TO SECTION 302 OF
                         THE SARBANES-OXLEY ACT OF 2002

      I, Wu Junguang, co-principal executive officer of Guangshen Railway
Company Limited ("Guangshen"), certify that:

      1.    I have reviewed this annual report on Form 20-F of Guangshen;

      2.    Based on my knowledge, this annual report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
annual report;

      3.    Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
Guangshen as of, and for, the periods presented in this annual report;

      4.    Guangshen's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for Guangshen and have:

         a.   designed such disclosure controls and procedures, or caused such
              disclosure controls and procedures to be designed under our
              supervision, to ensure that material information relating to the
              company, including its consolidated subsidiaries, is made known to
              us by others within those entities, particularly during the period
              in which this report is being prepared;

         b.   evaluated the effectiveness of the company's disclosure controls
              and procedures and presented in this report our conclusions about
              the effectiveness of the disclosure controls and procedures, as of
              the end of the period covered by this report based on such
              evaluation; and

         c.   disclosed in this report any change in the company's internal
              control over financial reporting that occurred during the period
              covered by the annual report that has materially affected, or is
              reasonably likely to materially affect, the company's internal
              control over financial reporting; and

      5.    Guangshen's other certifying officers and I have disclosed, based on
our most recent evaluation, to Guangshen's auditors and the audit committee of
Guangshen's board of directors (or persons performing the equivalent function):

<PAGE>

         a.   all significant deficiencies and material weaknesses in the design
              or operation of internal control over financial reporting which
              are reasonably likely to adversely affect the company's ability to
              record, process, summarize and report financial information; and

         b.   any fraud, whether or not material, that involves management or
              other employees who have a significant role in the company's
              internal control over financial reporting; and

      6.    Guangshen's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: June 29, 2004                       By:   /s/  Wu Junguang
                                              ----------------------------------
                                              Wu Junguang
                                              Chairman of the Board of Directors

<PAGE>

                 CERTIFICATION OF CO-PRINCIPAL EXECUTIVE OFFICER
                           PURSUANT TO SECTION 302 OF
                         THE SARBANES-OXLEY ACT OF 2002

      I, Feng Qifu, co-principal executive officer of Guangshen Railway Company
Limited ("Guangshen"), certify that:

      1.    I have reviewed this annual report on Form 20-F of Guangshen;

      2.    Based on my knowledge, this annual report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
annual report;

      3.    Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
Guangshen as of, and for, the periods presented in this annual report;

      4.    Guangshen's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for Guangshen and have:

         a. designed such disclosure controls and procedures, or caused such
            disclosure controls and procedures to be designed under our
            supervision, to ensure that material information relating to the
            company, including its consolidated subsidiaries, is made known to
            us by others within those entities, particularly during the period
            in which this report is being prepared;

         b. evaluated the effectiveness of the company's disclosure controls and
            procedures and presented in this report our conclusions about the
            effectiveness of the disclosure controls and procedures, as of the
            end of the period covered by this report based on such evaluation;
            and

         c. disclosed in this report any change in the company's internal
            control over financial reporting that occurred during the period
            covered by the annual report that has materially affected, or is
            reasonably likely to materially affect, the company's internal
            control over financial reporting; and

      5.    Guangshen's other certifying officers and I have disclosed, based on
our most recent evaluation, to Guangshen's auditors and the audit committee of
Guangshen's board of directors (or persons performing the equivalent function):

         a. all significant deficiencies and material weaknesses in the design
            or operation of internal control over financial reporting which are
            reasonably likely to adversely affect the company's ability to
            record, process, summarize and report financial information; and

<PAGE>

         b. any fraud, whether or not material, that involves management or
            other employees who have a significant role in the company's
            internal control over financial reporting; and

      6.    Guangshen's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date:  June 29, 2004                              By:   /s/  Feng Qifu
                                                      --------------------------
                                                      Feng Qifu
                                                      General Manager

<PAGE>

                  CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
                         PURSUANT TO SECTION 302 OF THE
                           SARBANES-OXLEY ACT OF 2002

      I, Li Ruizhi, principal financial officer of Guangshen Railway Company
Limited ("Guangshen"), certify that:

      1.    I have reviewed this annual report on Form 20-F of Guangshen;

      2.    Based on my knowledge, this annual report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
annual report;

      3.    Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
Guangshen as of, and for, the periods presented in this annual report;

      4.    Guangshen's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for Guangshen and have:

         a. designed such disclosure controls and procedures, or caused such
            disclosure controls and procedures to be designed under our
            supervision, to ensure that material information relating to the
            company, including its consolidated subsidiaries, is made known to
            us by others within those entities, particularly during the period
            in which this report is being prepared;

         b. evaluated the effectiveness of the company's disclosure controls and
            procedures and presented in this report our conclusions about the
            effectiveness of the disclosure controls and procedures, as of the
            end of the period covered by this report based on such evaluation;
            and

         c. disclosed in this report any change in the company's internal
            control over financial reporting that occurred during the period
            covered by the annual report that has materially affected, or is
            reasonably likely to materially affect, the company's internal
            control over financial reporting; and

      5.    Guangshen's other certifying officers and I have disclosed, based on
our most recent evaluation, to Guangshen's auditors and the audit committee of
Guangshen's board of directors (or persons performing the equivalent function):

         a. all significant deficiencies and material weaknesses in the design
            or operation of internal control over financial reporting which are
            reasonably likely to adversely affect the company's ability to
            record, process, summarize and report financial information; and

<PAGE>

         b. any fraud, whether or not material, that involves management or
            other employees who have a significant role in the company's
            internal control over financial reporting; and

      6.    Guangshen's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: June 29, 2004                             By:   /s/  Li Ruizhi
                                                    ----------------------------
                                                    Li Ruizhi
                                                    Chief Accountant