<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 to ensure that
               material information relating to Guangshen, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               annual report is being prepared;

          b.   evaluated the effectiveness of Guangshen's disclosure controls
               and procedures as of a date within 90 days prior to the filing
               date of this annual report (the "Evaluation Date"); and

presented in this annual report our conclusions about the effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation
Date;

     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 in the design or operation of
               internal controls which could adversely affect Guangshen's
               ability to record, process, summarize and report financial data
               and have identified for Guangshen's auditors any material
               weaknesses in internal controls; and
<PAGE>

          b.   any fraud, whether or not material, that involves management or
               other employees who have a significant role in Guangshen's
               internal controls; 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 24, 2003                     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 to ensure that
               material information relating to Guangshen, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               annual report is being prepared;

          b.   evaluated the effectiveness of Guangshen's disclosure controls
               and procedures as of a date within 90 days prior to the filing
               date of this annual report (the "Evaluation Date"); and

presented in this annual report our conclusions about the effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation
Date;

     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 in the design or operation of
               internal controls which could adversely affect Guangshen's
               ability to record, process, summarize and report financial data
               and have identified for Guangshen's auditors any material
               weaknesses in internal controls; and

          b.   any fraud, whether or not material, that involves management or
               other employees who have a significant role in Guangshen's
               internal controls; and
<PAGE>

     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 24, 2003                      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, Yao Xiaocong, 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 to ensure that
               material information relating to Guangshen, including its
               consolidated subsidiaries, is made known to us by others within
               those entities, particularly during the period in which this
               annual report is being prepared;

          b.   evaluated the effectiveness of Guangshen's disclosure controls
               and procedures as of a date within 90 days prior to the filing
               date of this annual report (the "Evaluation Date"); and

          c.   presented in this annual report our conclusions about the
               effectiveness of the disclosure controls and procedures based on
               our evaluation as of the Evaluation Date;

     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 in the design or operation of
               internal controls which could adversely affect Guangshen's
               ability to record, process, summarize and report financial data
               and have identified for Guangshen's auditors any material
               weaknesses in internal controls; and

          b.   any fraud, whether or not material, that involves management or
               other employees who have a significant role in Guangshen's
               internal controls; and
<PAGE>

     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 24, 2003                   By:      /s/  Yao Xiaocong
                                         -------------------------------
                                         Yao Xiaocong
                                         Chief Accountant