Hong Kong people are heavily reliant on public transport because of the dense population, geographical concentration of economic activities, and government policies. By international standards, Hong Kong's public transport and railway systems are highly efficient. This chapter reviews the railway policies, related public transport policies, and broad railway governance arrangements in Hong Kong. Contrary to the Hong Kong model, one of the international trends of reform is to break up the railway bodies vertically or horizontally. The discussion here elaborates on the theoretical concepts of railway governance, and the overall railway governance arrangements in Hong Kong in contrast to examples from some international models.