<PAGE>

                                                                    EXHIBIT 12.1

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

     I, He Yuhua, 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-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
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.   designed such internal control over financial reporting, or caused
          such internal control over financial reporting to be designed under
          our supervision, to provide reasonable assurance regarding the
          reliability of financial reporting and the preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     c.   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

     d.   disclosed in this report any change in the Company's internal control
          over financial reporting that occurred during the period covered by
          the annual

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          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 of internal control over financial reporting, 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

     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.


Date: June 28, 2007                     By: /s/ He Yuhua
                                            ------------------------------------
                                            He Yuhua
                                            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-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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.   designed such internal control over financial reporting, or caused
          such internal control over financial reporting to be designed under
          our supervision, to provide reasonable assurance regarding the
          reliability of financial reporting and the preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     c.   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

     d.   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 of internal control over financial reporting, to
Guangshen's auditors and the

<PAGE>

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

     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.


Date: June 28, 2007                     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-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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.   designed such internal control over financial reporting, or caused
          such internal control over financial reporting to be designed under
          our supervision, to provide reasonable assurance regarding the
          reliability of financial reporting and the preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     c.   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

     d.   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 of internal control over financial reporting, 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.


Date: June 28, 2007                     By: /s/ Yao Xiaocong
                                            ------------------------------------
                                            Yao Xiaocong
                                            Chief Accountant