30 JUN 2016
Audit Service Center of China National Audit Office for Foreign
Loan and Assistance Projects
Audit Report
* kP4fR C2016) 48 -
AUDIT REPORT C2016J NO. 48
Project Name:   Harbin-Jiamusi Railway Project Financed by the World Bank
*  0A :     83470-CN
Loan No.:       83470-CN
Project Entity:  China Railway Corporation
AA-H*I:        2015
Accounting Year: 2015


Contents
.W................ .........WJ.....................................1.
I. Auditor's Opinion................3..........        .............3
. . . .  .   .     ................................................. 5
II . Financial Statements and Notes to the Financial Statements  .............5
(-) *4-T      .............................................................. 5
i. Balance Sheet................        ................... ..... 5
(-:- 3k0A A....................I ............ I.... I................................. 8
ii. Summary of Sources and Uses of Funds by Project Component .. ...... 8
(3=)                     ......W................................................ 13
iii. Statement of Implementation of Loan Agreement........... ..... 13
(BvY)     w    RJ.......................................................... 14
iv. Special Account Statement.............................. 14
(....)........................................................... 16
v. Notes to the Financial Statements  .....................   ..... 20
SA     it finding .a.n...................               .....25
ifi. Audit Findings and Recommendations........................................ 27


一、审计师意见
审计师意见
中国铁路总公司：
我们审计了你公司执行的世界银行贷款哈尔滨至佳木斯铁路项目（简
称哈佳铁路项目）2 015年12月31日的资金平衡表及截至该日止同年度的
项目进度表、贷款协定执行情况表和专用账户报表等项目特定目的财务报
表（第5页至第24页）。
（一）项目执行单位对财务报表的责任
簖制上述财务报表是你单位的责任，这种责任包括：
1．按照中国的会计准则、会计制度和本项目贷款协定的要求编制项
目财务报表，并佼其实现公允反映；
2．设计、执行和维护必要的内部控制，以使项目财务报表不存在由
于舞弊或错误而导致的重大错报。
（二）审计责任
我们的责任是在执行审计工作的基础上对财务报表发表审计意见。我
们按照中国国家审计准则和国际审计准则的规定执行了审计工作，上述准
则要求我们遵守审计职业要求，计划和执行审计工作以对项目财务报表是
否不存在重大错报获取合理保证．
为获取有关财务报表金额和披露信息的有关证据，我们实施了必要的
审计程序．我们运用职业判断选择审计程序，这些程序包括对由于舞弊或
错误导致的财务报表重大错报风险的评估。在进行风险评估时，为了设计
恰当的审计程序，我们考虑了与财务报表相关的内部控制，但目的并非对
内部控制的有效性发表意见。审计工作还包括评价所选用会计政策的恰当
性和作出会计估计的合理性，以及评价财务报表的总体列报。
我们相信，我们获取的审计证据是适当的、充分的，为发表审计意见
提供了基础。
1


（三）审计意见
我们认为，第一段所列财务报表在所有重大方面按照中国的会计准
则、会计制度和本项目贷款协定的要求编制，公允反映了哈佳铁路项目
2015年12月31日的财务状况及截至该日同年度的财务收支、项目执行和
专用账户收支情况。
（四）其他事项
我们审查了本期内由你单位报送给世界银行的第001至叨2号提款申
请书及所附资料。我们认为，所有资料均符合贷款协议的要求，可以作为
申请提款的依据。
本审计师意见之后，共同构成审计报告的还有两项内容：财务报表及
财务报表附注和审计发现的问题及建议。
审计籲国外聪心
20’哭犷
地址：中国北京市丰台区金中都南街17号
邮政簖码：100073
电话：86一10一50992710
2


1. Auditor's Opinion
Auditor's Opinion
To China Railway Corporation
We have audited the special purpose financial statements (from page 5 to page
24) of the Harbin-hamusi Railway Project Financed by the World Bank,
which comprise the Balance Sheet as of December 31, 2015, the Summary of
Sources and Uses of Funds by Project Component, the Statement of
Implementation of Loan Agreement and the Special Account Statement for
the year then ended, and Notes to the Financial Statements.
Project Entity's Responsibility for the Financial Statements
Your entity is responsible for the preparation of these financial statements,
which include:
i. Preparing and fair presenting the accompanying financial statements in
accordance with Chinese accounting standards and system, and the
requirements of the project loan agreement;
I Designing, implementing and maintaining necessary internal control to
ensure that the financial statements are free from material misstatement,
whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit in accordance with the Government
Auditing Standards of the People's Republic of China and International
Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial statements. The procedures selected
depend on the auditor's judgment, including the assessment of the risks of
material misstatement of the financial statements,, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control
relevant to the entities' preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management as well as evaluating the overall
3


presentation of the financial statements.
We believe that the audit evidence we have obtained is appropriate and
sufficient to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements identified in the first paragraph
present fairly, in all material respects, financial position of the Harbin-Jiamusi
Railway Project Financed by the World Bank as of December 31, 2015, its
financial receipts and disbursements, the project implementation and the
receipts and disbursements of the special account for the year then ended in
accordance with Chinese accounting standards and system, and the
requirements of the project loan agreement.
Other Matter
Since no withdrawal application was submitted to the Word Bank during the
period, we have not expressed our opinion on it.
The audit report consists of the Auditor's Opinion and two more parts
hereinafter: Financial Statements and Notes to the Financial Statements, Audit
Findings and Recommendations.
Audit Service Center of China Nati        fu flice
Foreign Loan and Assistance Projec'
June 30, 2016
Address: No.17 Jin Zhong Du Nan Jie Fen    s ct, Beijing, China
Postcode: 100073
Tel.: 86-10-50992710
The English translation is for the convenience of report users; Please take the
Chinese audit report as the only official version.
4


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( pq ) *)fl * P -11*
iv. Special Account Statement
* M * P a A
SPECIAL ACCOUNT STATEMENT
*M99 2015 * 12 A 31 H
(For the period ended December 31, 2015)
33UJt*: *HYMff                      0           ffP*ff4*:
Project  Name:   Harbin-Jiarnusi  Railway       Depository Bank: China Everbright Bank
Project Financed by the World Bank              Beijing Xicheng. Branch
83470-CN                                *9% 75071488000006970
Loan No.:83470--CN                              Account No.: 75071488000006970
*FP#9: A5t
Prepared by: China Railway Corporation          Currency: USD
A N,3 :
Part A: Account Activity for the Current Period               Amount
0
Beginning Balance
Add:
2. *MtNTR*8Jffi                                                                 10,000,000.00
Total Amount Deposited by the World Bank for the Current Period
3. *M*11,02AKOM                                                                      648.89
Total Interest Earned (Deposit in the Special Account) for the Current Period
4.
Total Amount Refunded to Cover Ineligible Expenditure for the Current                     -
Period
Deduct:
5.                                                                              2,799,976,09
Total Amount Withdrawn for the Current Period
6,                        (ffffl h )IJKPIW )
Total Deposit Interest Transferred out ( from the Special Account) for the
Current Period
7, *MMRttHT,9M
Total Amount Returned to the World Bank for the Current Period
8,
Total Service Charges if not included in the above Amount Withdrawn for the
Current Period
7.                                                                              7,200,672.80
Ending Balance
14


Part B: Account Reconciliation for the Special Account                   Amount
1.                                                                                       10,000,000.00
Amount Advanced by the World Bank
Deduct:
2. Iff E&-0,
Total Amount Recovered by the World Bank
3. *hP~t?
Outstanding Amount Advanced to the Special Account at the End of the                     10,000,000.00
Current Period
4. tIflrEKPM*A5tM                                                                         7,200,672.80
Ending Balance of the Special Account at the End of the Current Period
Add:
5.     t      EW           b4         l
Amount Claimed but not yet Credited as of the End of the Current Period
Application No.               Amount              Amount to US$
6. MiS*MMABttE?6              9       A                                                   2,799,976.09
Amount Withdrawn but not yet Claimed as of the End of the Current Period
7. AR*    RAi     (l**4 5 fil 6)fc)
Cumulative Service Charges( If not Included in Item 5 or 6)
Deduct:
8. 9JARA     (TAtff      W  A)                                                                 648.89
Interest Earned (If Included in the Special Account)
9.    *      ~
Total Advance to the Special Account accounted for at the End of the Current             10,000,000.00
Period
15


（五）财务报表附注
财务报表附注
1．项目概况
哈佳铁路项目位于黑龙江省的中东部，线路全长343公里。该项
目建设单位为哈佳铁路客运专线有限责任公司（简称哈佳客专公司）o
2014年l月9日，国家发展和改革委员会批复该项目可行性研究报告，
批复项目投资估算总额347.14亿元，项目资本金173.6亿元（占总投
资50%)，资本金以外利用国内外银行贷款，其中世界银行贷款3亿
粎元。2014年4月26日，中国铁路总公司批复该项目初步设计，批
复项目总投资360.46亿元。
2014年5月18日，中国政府与世界银行签订了哈佳铁路项目贷
款协定（贷款号：83470一CN)，由世界银行向哈佳铁路项目提供3
亿粎元贷款。2014年8月29日，中国铁路．悠公司批复哈佳铁路项目
工程开工建设。截至20巧年12月31日，哈佳铁路项目累计完成投
资141.36亿元。
2．主要会计政策
2.1主要会计制度及编表范围
本项目是根据《国有建设单位会计制度》和《世界银行贷款项目
会计核算办法》进行会计核算的（(（世界银行贷款项目会计核算办法》
是《国有建设单位会计制度》的实施细则）。项目财务报表包括项目
资金平衡表、项目进度表、贷款协定执行情况表、专用账户报表。
项目财务报表是由中国铁路总公司将哈佳客专公司上报的项目
财务报表及本级项目财务报表汇总后编制。
2.2会计年度
以公历每年1月1日至12月31日作为一个会计年度。
2.3记账基础和计价原则
以权责发生制为记账基础，以历史成本为计价原则。
l6


2.4记账本位币
以人民币为记账本位币。
2.5外汇折算
年度内发生的外币经济业务，按年初汇率折合人民币记账。年度
终了，货币性项目中的外币余额按期末市场汇价（中间价）进行调整，
由此产生的折合人民币差额，项目初验合格前予以资本化，记入工程
成本，初验合格后予以费用化，计入当期损益。
2015年年末粎元兑人民币汇率为6.4936。
2.6交付佼用资产科目核算方法
本科目核算项目单位已经完成购置、建造过程，并已交付给生产、
佼用单位的各项资产以及用项目资金购建的在建设期间自用的固定
资产。
2.7在建工程科目核算方法
本科目包括建安工程投资、待摊投资、设备投资等科目。
建安工程投资用于核算项目单位发生的构成项目建设投资支出
的建筑工程和安装工程的实际成本。
待摊投资核算建设单位发生的构成基本建设实际支出的、按照规
定应当分摊计入交付佼用资产成本的各项费用支出。
设备投资核算项目单位发生的构成项目建设投资支出的各种设
备的实际成本，包括交付安装的需要安装设备、不需要安装设备和为
生产准备的不够固定资产标准的工具、器具的实际成本。
3服表科目说明
3.1待核销项目支出
2015年末“待核销项目支出”余额为0.00元。
3.2在建工程
2015年末“在建工程”余额为14,135,955,626.32元，为项目截至
l7


2015年末在建工程完成投资数。其中：建筑安装工程投资为
8,154,374,261.60元，设备投资4,396,022.00元，待摊投资
5,973,234,122.72元，计入长期待摊费用科目的资本金印花税
3,951,220.00元。
3.3货币资金
2015年末货币资金余额为5 17,473,443 .37元，全部为银行存款。
3.4预付及应收款
2015年末“预付及应收款合计”余额为95,079,1 14.20元。为2015
年末“预付账款”余额95,031,66 1 .60元、“其他应收款”余额47,452.60
元的合计数。（应付账款、预付账款、其他应付款、其他应收款之间
互相有调整）
3.5固定资产
20巧年末“固定资产合计”余额6,628,004.47元，为办公用固定
资产的净值。
3.6项目资本与项目资本公积
20 15年末“项目资本与项目资本公积”余额12,344,790,170.00
元，为截至2015年末项目资本金实际到位数。具体包括：哈尔滨铁
路局1,000,000,000.00元（其中中央预算资金500,000,000,00元，铁路
债券资本金500,000,000.00元）；黑龙江省投资总公司投入项目资本金
l,322,440,000.00元，征地拆迁入股5,020,350,170,00元；中国铁路发展
基金公司投入5,002,000,000.00元（其中铁路建设基金598,000,000.00
元，铁路债券资本金1,000,000,000.00元，中国铁路发展基金公司投入
资本金3,404,000,000.00元）
3.7项目投资借款一国内借款
20 15年末“项目投资借款一国内借款”余额为l,404,055,435.50
元，均为中国农业银行贷款。
l8


3.8应付款
2015年末“应付款合计”余额为894,803,135.88元。
3.9未交款
20巧年末“未交款合计”余额为98,872.08元，为应交未交的个
人所得税款。
4．世行贷款资金执行情况
截至2015年12月31日，哈佳铁路项目提款17,148,973,59美元。
5．专用账户使用情况
5,1开设专用账户名称及账号
本项目在中国光大银行襼城支行开立专用账户，账户名称及账号
为：中国铁路总公司，75071488000006970。
5.2本年度提款报账概况
20巧年项目提款16,398,973 .59美元，其中直接支付提款
6,398,973,59美元。
5.3专用账户支付情况
2015年，周转金专用账户支付2,799,976.09美元；截止2015年
12月31日，周转金账户余额为7,200,672.80美元，其中存款利息为
648.89粎元；截至本期期末已支付但尚未申请报账金额2,799,976.09
粎元。
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v. Notes to the Financial Statements
Notes to the Financial Statements
I.Project Overview
Hajia Railway Project locates in the middle east of Heilongjiang
province. Total length of the railway reaches 343km. The construction
unit of this project is Hajia Railway Passenger Dedicated Line
Co. Ltd. (hereinafter refers to as HaJia. Company). On January 9'h,2014,
the National Development and Reform Committee approved the
Feasibility Study Report of the project. The approved estimate
investment totaled RMB 34.714 billion Yuan, including RMB 17.36
billion project capital (accounting for 50% of the total investment).
Funds other than the project capital are to be settled by bank loans
outside and within the country, which include 0.3 billion world bank
loan. On April 26h, 2014, the preliminary design was approved by China
Railway Corporation. The approved total investment is RMB 36.046
billion Yuan.
On May 1 g1h , 2014, the Chinese government and the World Bank signed
the Loan Agreement of Hajia Railway Project (Loan No.83470-CN).
The Bank is to provide USD 0.3 billion loan for the construction of
HaJia Railway Project. The construction of this project commenced on
Aug.29th 2014 after being approved by CRC. Up to December 30,
2015, the investment of HaJia Railway Project totaled 14.316 billion.
2. Major Accounting Principles
2.1 Preparation of Financial Statement and Principal Accounting Policies
The project financial statements include the project balance sheet, the
project progress report, implementation of the Loan agreement and
special account statement. All those accounting statements are
consolidated according to the Accounting System for the Stated-owned
Construction Units and Accounting Methods of the Project financed by
the World Bank (The Accounting Methods of the Project financed by the
World Bank is the enforcement regulation for implementation of the
Accounting System for the Stated-owned Construction Units).
The project financial statements are consolidated by China Railway
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Corporation after summarizing the financial statements submitted by
Hajia Railway Passenger Dedicated Line Co., Ltd. and its own financial
statements.
2.2 Accounting Year
The financial year begins on 1 January and ends on 31 December of the
Gregorian calendar.
2.3 Accounting basis and measurement principle
Accrual-basis is adopted as accounting basis and historical cost is
adopted as measurement principle.
2.4 Functional currency
RMB is adopted as functional currency.
2.5 Foreign Currency Transaction
Foreign currency transaction occurring during this year shall be
converted into the amount in the functional currency at the exchange rate
of the beginning of the year. At the end of the year, monetary items shall
be modified at the intermediate exchange rate at the end of the year. The
balance arising from this reason shall be capitalized into engineer cost if
it arises before the preliminary acceptance of the project has been
qualified, or recorded into the profits and losses at the current period
after the first acceptance of the project has been qualified.
At the end of 2015, the U.S. dollar against the RMB exchange rate is
6.4936.
2.6 Application assets accounting subject
This subject records the project entity's assets, the purchase and
construction process of which have been completed, and delivered to
production and use entities. Also it records the self-use fixed-assets
which are purchased and constructed using the project fund.
2.7 Accounting Method to the "Construction in Progress" Item
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This item includes Construction and Installation investment, equipment
investment, Prepaid Investment, etc.
Construction and Installation investment records the actual cost
produced by the project company for the construction and Installation,
which makes up project construction investment disbursement.
Prepaid investment records all the cost by the construction unit, which
makes up the actual infrastructure cost and shall be apportioned into
assets put into use in accordance with the provisions.
Equipment Investment records the actual cost by the project entity for all
the equipment, which makes up project construction investment
disbursement, including the actual cost for the equipment which needs
installation, the equipment which has no need for installation, and tools
prepared for the production but not qualified for the fixed assets.
3. Explanations for Items under Financial Statements
3.1 Expenditure to be written off
The balance of the expenditure to be written off by the end of 2015 was
RMB 0 yuan.
3.2 Construction in progress
The book balance of the construction in progress by the end of 2015 was
RMB 14,135,955,626.32 yuan, which was the completed investment
amount of the construction in progress by the end of 2015, including
construction and installation investment RMB 8,154,374,261.60 yuan,
equipment investment RMB 4,296,022.00 yuan, prepaid investment
RMB 5,973,234,122.72 yuan. The stamp duty on capital recorded in
long-term unamortized investment reached RMB 3,951,220.00 yuan.
3.3 Monetary capital
The balance of total monetary capital by the end of 2015 was RMB
517,473,443.37 yuan, which was bank deposit.
3.4 Advance payment and account receivable.
By the end of 2015, the balance of total advanced payment and account
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receivable was RMB 95,079,114.20 yuan, which was the aggregate of
the balance of advanced payment and account RMB 95,031,661.60 yuan
and the balance of other account receivable RMB 47,452.60 yuan.
(There were adjustments among account payable, advanced payment,
other account payable and other account receivable).
3.5 Fixed assets
The balance of total fix assets by the end of 2015 was RMB
6,628,004.47 yuan, which was the net value of the office fixed assets.
3.6 Project capital and project capital surplus
The balance of project capital and project capital surplus by the end of
2015 was RMB 12,344,790,170.00 yuan, which was the actually paid
investment by the end of 2015. This included RMB 1,000,000,000.00
yuan for Harbin Railway Bureau (central budget of RMB
500,000,000.00  yuan  plus  railroad  bonds  capital of RMB
500,000,000.00 yuan); RMB 1,322,440,000.00 yuan as capital fund and
land acquisition and clearance of RMB 5,020,350,170.00 yuan as equity
investment invested by Heilongjiang Development & Investment
Corporation; RMB 5,002,000,000.00 yuan invested by China Railway
Development Fund Corporation (fund for the construction of railway
infrastructure of RMB 598,000,000.00 yuan, railroad bonds capital fund
of RMB 1,000,000,000.00 yuan, and RMB 3,404,000,000.00 yuan
invested by China Railway Development Fund Corporation as capital
fund).
3.7 Project investment loan - domestic borrowing
The balance of project investment loan (domestic loan) was RMB
1,404,085,435.50 yuan by the end of 2015, all of which were loans form
Agriculture Bank of China.
3.8 Account payable
The balance of total account payable by the end of 2015 was RMB
894,803,135.88 yuan.
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3.9 Unpaid expenses
The balance of total unpaid expenses by the end of 2015 was RMB
98,872.08 yuan, which was the unpaid individual income tax payable.
4.The disbursement of World Bank Loan
As of December 31, 2015, the withdrawal of Hajia Railway Project was
17,148,973.59 US dollar.
5.Special account and its service condition
5.1The Special Account of this project is opened in China Everbright
Bank Beijing Xicheng Branch. The details are as follows:
Account Name: CHINA RAILWAY CORPORATION
Account No.: 75071488000006970
5.2 Overview of Withdrawals in This Year
USD16,398,973.59 was withdrawn in 2015, of which the amount of
direct payment was USD 6,398,973.59.
5.3 Payment of Special Account
In 2015, 2799976.09 US dollar has been disbursed from the special
account of revolving fund. As of December 31, 2015, the balance of the
revolving fund account was USD 7200672.80, including interest on
deposit of USD 648.89. At the end of this period, USD 2,799,976.09
has been disbursed but not yet applied for reimbursement.
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