<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, or 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, 2006                      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, Yang Yiping, co-principal executive officer of Guangshen Railway Company
Limited, or 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, 2006                      By: /s/ Yang Yiping
                                             -----------------------------------
                                             Yang Yiping
                                             General Manager

<PAGE>

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

     I, Yao Xiaocong, principal financial officer of Guangshen Railway Company
Limited, or 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, 2006                      By: /s/ Yao Xiaocong
                                             -----------------------------------
                                             Yao Xiaocong
                                             Chief Accountant