甲午战前 ,中国铁路建设仅处于起步阶段 ,李鸿章无疑是铁路建设的倡导者和借款筑路的开启者。他不仅提出了以“三慎”为核心的外债观 ,而且在津沽铁路建设中付诸实践。但在随后的津通、关东和芦汉铁路的筹借外债中 ,近代铁路外债所面临的困境则明显地表露出来。这种困境主要源于对外债的依赖以及对国内民族资本缺乏一种激励机制。这种特点在甲午战后则逐渐演变为对权利的放弃。 Before the Sino-Japanese War of 1894, the railway construction in China was only in its infancy. Li Hung-chang is undoubtedly the advocator of railway construction and the opener of borrowing and building roads. He not only put forward the concept of external debt with “three cautions” as its core, but also put it into practice in the construction of Tianjin-Zhuhai railway. However, the plight of the modern railway foreign debts was clearly revealed in the foreign loans borrowed by the Jin Tong, Kanto and Luhan Railway lines. This dilemma stems mainly from the dependence on foreign debt and the lack of an incentive mechanism for domestic national capital. This feature gradually evolved into a waiver of rights after the Sino-Japanese War.