From 1992 to 2003, China's railways entered a "marketization" phase, driven by the nation's push for a socialist market economy. This period was defined by reforms aimed at building a modern enterprise system, expanding market access, and tackling persistent capacity constraints. Key to these changes was the experimental "Separation of Railway Network and Transportation" model. By 2002, internal transport companies were created to separate competitive operations from monopolistic infrastructure, streamlining core services. At the same time, non-transport "sideline businesses" were spun off to reduce the railways' social burden. To combat funding shortages, the railways developed a multi-channel financing model. This involved levying a dedicated construction fund, securing domestic bank loans and bonds, and utilizing international capital from entities like the World Bank. The sector also expanded market access by fostering joint-venture and local railways and establishing Sino-foreign partnerships for advanced technology.