Economic Development of Hong Kong (1900-Late 1940s) PDF

Economic Development of Hong Kong Phase 1 - Entrepot trade as main pillar (1900- late 1940s) Overview Local factors Other factors A. Entrepot trade as main 1. Advantageous geographical location / pillar...

Economic Development of Hong Kong Phase 1 - Entrepot trade as main pillar (1900- late 1940s) Overview Local factors Other factors A. Entrepot trade as main 1. Advantageous geographical location / pillar ~ HK located along the coast of southern ~ Entrepot trade in HK mainland + adjacent to South China Sea & stretched to SE Asia, Japan, Western Pacific India, Europe & America as ~ Deep-water harbour allowed ships to HK got lots of trading anchor partners in the world  trading hub between mainland & the ~ Chinese entrepot-trade West merchants (e.g. Nam Pak Hong) & foreign firms (e.g. 1. Free-port policy Swire Company) flourished in ~ ships from all over the world could enter this period HK without paying any taxes & no tariff ~ Wing Lok Streek & would be imposed on the incoming goods Bonham Strand West : central  attracted foreign businessmen set up area of entrepot trade headquarters in HK to facilitate trade with ~ Triangular Pier evolved into the mainland a major entrepot trade terminal 2. Comprehensive infrastructure & ~ under Jap occupation, facilities entrepot came to a halt ~ necessary facilities (e.g. warehouses, ~ after WWII, the entrepot dockyards, railway, airport) were available revived quickly e.g. Whampoa Dockyard e.g. total value rose from e.g. Taikoo Dockyard HK$1.4 billion (1948) to e.g. Kln-Canton Railway (1910) HK$3.3 billion (1950) e.g. Kai Tak Airport (1925) 4. Sufficient capital ~ Banks brought sufficient capital & services to businessmen e.g. Chartered Bank (1859) e.g. HSBC (1865): asset HK$5 million  convenient to businessmen for trade 1  Economic Development of Hong Kong Phase 1 - Entrepot trade as main pillar (1900- late 1940s) Overview Local factors Other factors B. Industrial development 1. Flourishing entrepot 1. Favourable China factor : ~ entrepot trade provided the trade a) Pol instability in China impetus for industrial dev., such as ~ shipbuilding & ship ~ e.g. 1911 Rev, warlord era shipbuilding & ship repairing repairing were closely tied  many mainlanders flocked to HK ~ cement manufacturing & sugar to entrepot trade  pop rose from 300,000 (1901) to 1.6 refinery were also developed ~ many cargo ships were mil (1941) e.g. sugar refineries operated by anchored I HK  demand for daily necessities grew Jardine, Matheson & Co.  demand for warehouses  enhanced industrial dev ~ HK’s major heavy industrial rose ~ 1919 May Fourth Mov’t zone was located in Hok Yuen,  favoured the  Chinese boycotted Jap goods Hung Hom construction industry  stimulated demand for refined sugar e.g. Power plant of China Light of HK and Power Company was set up ~ in 1930s, Jap invaded Chi there mainland products to HK declined ~ in the late 19th century, other  local industrialists needed to expand local labour-intensive light their production industries, e.g. matches, soap, 2. Favourable global factor : sauce, umbrellas, were also a) Tax benefits of the developed British Commonwealth ~ in the early 20th century, the Preferential Tariff Agreement textile industries recorded the ~ in 1932, Ottawa Agreement was fastest growth rate signed among the Commonwealth ~ in the 1930s, locally- countries manufactured cosmetics & leather  industrial goods could be exported to goods replaced the imported goods the Commonwealth countries at low  export-oriented industries tariff rates (e.g. textile, plastic shoes & gradually took shape cement) e.g. shoe products of Fung Keong  increased the competitiveness of HK- Company sold well in the made industrial products mainland  Chinese capital investment in b) Impacts of the WWI manufacturing rose to HK$51 mil ~ Dockyards in HK received many (1934) : 3-fold that of 1920 contracts as USA & Europe were in war  no. of factories climbed from  ‘golden era’ of shipbuilding & ship 300 (1934) to 800 (1938) repairing  a quarter of labour force hired e.g. Taikoo Dockyard expanded its scale by manufacturing industry (1935) & hired over 4000 workers 2  Economic Development of Hong Kong Phase 2 – Decline of entrepot trade (early 1950s-mid-1970s) Overview Local factors Other factors 1. Decline of entrepot trade / 1. China factor : Changes in foreign trade ~ after WWII, entrepot trade once ~ in 1949, PRC was established revived  relations between China & the Western ~ in the early 1950s, yet entrepot countries became tense trade fell sharply ~ in 1951, trade with the communist countries e.g. trade volume fell from (e.g. the USSR & E.E.) made up 52% of the HK$3.9 billion (1951) to HK$1.5 total trade volumn in China, even reached billion (1955) 70% by 1959 e.g. gross value of HK’s exports to  as most products were not exported the mainland accounted for only through HK, HK entrepot trade declined HK$500 million in 1952 2. International factor : Trade embargo (HK$1.1 billion less than that in imposed by the UN 1951) ~ in 1950, the Korean War broke out  pushed HK into econ recession  China sent troops to support N. Korea  the UN imposed a trade embargo on China ~ in the period 1960-70, trade  under British rule, HK followed suit volume of entrepot trade rose  From 1951-55, HK’s exports to China again slumped from HK$1.6 billion to HK$182 e.g. from HK$1.07 billion (1960) million to HK$2.9 billion (1970)  proportion in the total exports fell from  yet, its proportion in the total 36.2% to 7.2% export value dropped from 27.2%  HK’s export trade was suffered greatly to 19%  significance of entrepot trade in HK fell continuously 3  Economic Development of Hong Kong Phase 2 – Rapid industrial development (early 1950s-mid-1970s) Overview Local factors Other factors 1. Emphasis on the labour- 1. Foundation laid by entrepot 1. Favourable mainland factor intensive industries & trade a) Input of capital, technology & labour export-oriented ~ extensive foreign trade network ~ in 1946, Chinese Civil War broke out ~ in 50s-70s, HK’s labour- were established for nearly a  influx of mainlanders (entrepreneurs & intensive industries century of entrepot trade workers) flooded into HK developed rapidly ~ well-established insurance,  they brought along with capital & skills e.g. textiles, clothing, warehousing, shipping facilities together with low-cost labour for industrial dev plastics, toys also favoured the dev of export- b) favourable policies from the mainland no. of factories grew from oriented light industries ~ in 1949, PRC was established & decided to 1400 to 16000 ~ well-developed banking system speed up its dev through HK’s geographical no. of workers grew from provided sufficient capital to loan advantage 80000 to 550000 to industrialists  mainland gov’t gave HK preferential policies e.g. garment factories at SSP  helped speed up e.g. supply HK cheaper raw materials, food & & Cheung Sha Wan industrialization in HK drinking water e.g. industrial building at 2. Favourable policies of the  reduced inflation & labour cost, which in Kwun Tong & San Po Kong gov’t return increased the competitiveness of HK’s  in 1959, the industrial ~ gov’t adopted the ‘positive non- export of local products products accounted for 70% intervention policy’ + low tax 2. Favourable global factor of the gross value of HK’s rate + free flow of foreign a) Impact of trade embargo exports exchange ~ in the early 50s, trade embargo made HK lose  marked the  attracted investment the main economic pillar transformation of HK from ~ gov’t set up various  the only solution for HK was to shift to dev an entrepot into an organization to promote local labour-intensive industry industrial city products, provided technical b) Structural change of global economy support, etc ~ after WWII, Western countries focused on 2. Development of e.g. the Federation of HK technology-intensive industry technology-intensive Industries (60)  they had to import products from regions of industries e.g. HK Trade Dev Council (66) low production cost ~ since 70s, technology- e.g. HK Productivity Council  HK, with cheap labour cost, took this intensive industries grew (67) opportunity to develop manufacturing industry e.g. over 1500 factories in ~ gov’t focused on improving c) Preferential tariffs watch industry technical education ~ HK benefitted from the General Agreement on e.g. export volume of e.g. provided a site at Hung Hom Tariffs & Trade signed in 1947tariff on ind electronic industry rose 4 from HK$1.1 billion (1970) for HK Technical College (the goods was reducedhelp promote industrial dev to HK$13.4 billion (1978) present-day HK Polytechnic d) Few competitors in Asia University) (1956) ~ after WWII, lots of colonies in SE Asia strove e.g. Morrison Hill Technical for independenceHK had stable business Institute (1969) environment attract industrialists to invest Economic Development of Hong Kong Phase 3 – Economic diversification (after the late-1970s) Overview Local factors Other factors 1. Revival of entrepot trade 1. Factories relocated to the 1. Favourable mainland factor: A better ~ after 1979, HK entrepot trader mainland relationship with the Western countries revived ~ rising production cost + ~ in 1972, US President Nixon visited China ~ by the late 80s, it made up a labour shortage in late 70s  official diplomatic relations were bigger proportion of the gross  no. of factories moved to established in 1979 + export than that of local ind mainland in 80s ~ in 1978, China adopted the Reform & ~ e.g. re-exports to mainland  semi-products & facilities Opening Up policy accounted for 43% of HK’s needed to export to the  attracted foreign investment entrepot trade (1980)  90% mainland through HK  fostered trade between China &the West (1998)  products assembled in the  many products were re-exported through ~ Container ports were built in mainland then sold overseas HK to the Western countries & the mainland HK facilitated entrepot trade through HK  fostered entrepot trade e.g. Kwai Chung Container  fostered entrepot trade Terminals  its handling capacity ranked top in the world (1987) 2. Evolving into knowledge 1. Lack of raw materials in 1. Impact of China factor : Reform & -based & high value-added ind HK Opening Up policy a) Decline of labour-intensive ~ HK lack of natural resources ~ in 1978, mainland go’vt offered tax ind  need to import raw incentives to HK entreprenuers+low ~ in the late 70s, manufacturing material wages+low land price industries began to slow down but demand for raw attracted HK entrepreneurs to invest in the ~ in the late 90s, no. of workers materials soared in Asia in mainland dropped to fewer than 300,000 70s 2. Impact of global factor ~ accounted only for 7.3% of  price continued to rise a) Global trend of protectionism GDP in 1996  HK faced a huge challenge ~ in 1973, Oil Crisis made oil price soared b) Merging industries with 2. Labour shortage & ~ econ growth slowed down in Western nations innovative technology increasing production costs  they further restricted the amount of exports ~ in late 1970s, HK ind became ~ average wage for from overseas knowledge-based & high value- manufacturing workers was falling demand struck HK manufacturing ind added less than 60% of the salaries b) Competition from neighbouring region ~ digital products were produced of their counterpart in the ~ in 70s, HK faced keen competition from 5 e.g. Vtech Holdings Ltd launched service sector + S.Korea, Taiwan & Singapore portable LCD game consoles ~ industrial land cost ~ these countries got relatively cheap labour (79) increased force & rich resources + huge gov’t support e.g. Creative Star Ltd (later 3. Lack of gov’t support  they exported textiles & plastic goods to Octopus Cards Ltd) dev payment ~gov’t non-intervention policy Western markets (e.g. Taiwan surpassed HK & smartcard laid foundation for  no assistance to local became world’s largest toy exporter in 1987) HK digital currency system industrialistsinsufficient  greatly affected HK’s industry capital  need to relocate factories in the mainland Phase 3 – Economic diversification (after the late-1970s) Overview Local factors Other factors 3. Rise of finance & service 1. Excellent geographical location 1. Favourable sectors ~ located along the coast of southern mainland mainland a) Financial industry  western companies would look for their business factor : A ~ in 1986, 4 stock exchanges were partners in HK to enter into Chinese market prompted rising need for merged into Stock Exchange of HK the dev of professional services (accounting & insurance) financing Ltd ~ Lying in a time zone between Europe & America, HK services HK was one of the top 10 stock gained advantages by forming an international 24-hr-a- ~ mainland markets in the world in 1996 (2 nd to day financial market with New York & London entrepreneurs Tokyo in Asia) 2. Foundation laid by industrialization invested in HK ~ banking industry was prosperous ~ thriving manufacturing industries stimulated growth of  demand for e.g. licenced banks reached around banking & insurance sectors local banks invested in financing 180 with 1500 branches by mid-90s stock markets local stock market flourished  laid a service e.g. 85 out of 100 top international foundation to dev into an international financial centre ~ some went world banks operated in HK 3. Emergence of professionals for listing in  in 1995, HK ranked 5th in the ~ 6-year & 9-year compulsory edu in 71 & 78 HK world’s foreign exchange market respectively e.g. Tsingtao  in 1998, value-added contribution ~ in 1991, HKUST was established  nurtured many Brewery to HK’s GDP by banking industry professionals in finance, accounting & insurance sectors e.g. China was over HK$88.2 billion (7.5% of 4. Well-established infrastructure Eastern GDP) ~ well-established transport network, telecommunication Airlines b) Real estate industry facilities, highly efficient airport & container terminals ~ many property development e.g. Kwai Chung Container Terminal was the busies 2. Favourable companies were listed in HK container port in the world in 1992 global factor : e.g. Sun Hung Kai Properties 5. Sound legal system & effective supervision Western ~ local property market had ~ HK adopted common law system & enjoyed judicial countries flourished independence provided security for investors penetrating e.g. by 1996, total market value of ~ gov’t set up monitoring organizations to safeguard into the property stocks amounted to investors’ interests mainland HK$1080 billion e.g. the Stock Exchange of HK Ltd (1986) market ~ around 2400 property agencies e.g. Securities & Futures Commission of HK (1989) ~huge 6 e.g. Centaline Property Agency e.g. HK Monetary Authority (1993) mainland c) Tourism industry 6. Gov’t economic policies market ~ in 1984, no. of visitors reached 3 ~ gov’t’s non-intervention policy on foreign exchange & attracted mil gold trading + low tax rate + simple tax system Western  ranked 1st in tourism industry in  created a favourable business environment investors Asia-Pacific region ~ in 1978, gov’t reissued banking licencesmany foreign  used HK as ~ total revenue of tourism ind reached banks entered into HKprovided capital for fin services a base to do average annual growth of 18% (86- ~ in 1983, gov’t launched linked exchange rate system business in the 95) (HK$7.8=US$1) to stabilize HKD so as to avoid the mainland total revenue (HK$87 billion) continuing depreciation caused by the HK Question ranked 8th in the world in 1996  prompted the hotel industry e.g. total spending of visitor arrivals reached HK$26.2 billion Population Changes of Hong Kong 1900- late 1940s 1950s-mid-1970s After late-1970s Size ~ 1901: 300,000 ~ 1950 : 2 million ~ 1980 : 5.1 million ~ 1931 : 800,000 ~ 1974 : 6000 people from ~ 1999 : 6.6 million ~ 1938 : 1.6 million mainland reached HK under ~ average growth rate : ~ 1945 : 600,000 Touch Base Policy every year 1.6% ~ mid-1970s : pop growth except 1980 (2.7%) & 1981 slowed down (2.4%)  slower pop growth Structure 1. Age structure 1. Age structure 1. Age structure ~ working pop (aged15-64) ~ young pop (below15) made ~ 1980-1990 : aged below made up a large proportion up an increasing proportion 15 fell from 25.4% to 21.5% (1901-31 : 70% of total e.g. 30.4%(1950)to + aged 65 or above rose pop) 41%(1960) from 5.9% to 8.7% ~ dependent pop : small ~ dependency ratio : higher low birth rate+ death rate 2. Sex structure ~70s:ageing(aged below15 fell  ageing population ~ men > women while aged 65 or above rose) 2. Sex structure e.g. sex ratio : 1,844 (1911) 2. Sex structure ~ more balanced e.g. sex ratio : 1,398 (1931) ~ more balanced e.g. sex ratio : 1,001 (1995) e.g. sex ratio : 1,057 (1950) e.g. sex ratio : 993 (1997) e.g. sex ratio : 1,035 (1970) Distributio ~ majority of pop ~ in 1961 : ~ since 1980s, pop flowed n concentrated along the - 1 mil on HK Island into the N.T. northern coast of HK island - 720,000 in Kln ~ gov’t kept developing new ~ in 1907, Taikoo Dockyard - 850,000 in N.T. towns & constructing more was built in Sai Wan Ho ~ by 1971 : public housing estates 7   more people lived in the - 990,000 on HK Island eastern part of HK island - 710,000 in Kln ~by 1991, more than 2  go’vt ease pop by - Over 1.4 mil in New million lived in the N.T. developing Kowloon, e.g. Kln  accounted for 41.9% of Sham Shui Po & Yaumatei ~ from the 1970s : new towns the total pop e.g. Kln pop : 50,000 were developed in N.T. (1911)240,000 (1931) e.g. Shatin (1973) ~ in 2000, 49.1% HK (28% of total pop) e.g. Tuen Mun (1973) people lived in the N.T. ~ in 1930s, gov’t map out  Pop in N.T. made up 21% New Kln for industrial dev, of the total pop by 1976 e.g. Kln City, Mongkok,etc compared with only 10% in  more people resided in 1960s Kln  Pop in HK island slowed down e.g. growth rate : 43.3% (1921) to 18.2% (1931) Population Changes of Hong Kong 1900- late 1940s 1950s-mid-1970s After late-1970s Reasons 1. Mainland Chinese 1. Continuous migration from 1. Continuous arrivals from the for a) Political instability of the mainland mainland populatio mainland a) Political instability of mainland ~ Reform & Opening Up n changes e.g. 1911 Rev e.g. Chinese Civil War  econ growth in mainland Structure e.g. Warlord era e.g. Political campaigns (Three- reached 9.8% (1979-97)  many mainland Chinese Anti; Five-Anti; GLF)  livelihood of mainland greatly resettled in HK e.g. Cultural Revolution improved b) Guangdong-HK  Wave of mainlanders flocked to  fewer mainlanders moved to General Strike (1925) HK HK  many workers backed to b) Touch Base Policy 2. Change in the migration China to show their ~ in 1974, the gov’t allowed the policy support illegal entrants remain in HK if ~ in 1980, gov’t cancelled Touch  pop fell by 130,000 they reached the urban areas, Base Policy c) Japanese invasion on otherwise, they would be  adopted policy of ‘repatriation mainland (1937) repatriated to the mainland upon arrest’  no. of mainlanders  6000 people from mainland ~ gov’t also standardized the flocked into HK reached HK every year issuance of ‘one-way permit’  pop doubled to 1.6 mil ~ from the late 1970s, stable  daily quota 150 was set for d) Japanese invasion of political environment of mainland mainlanders HK (1941)  no. of new arrivals declined  effectively controlled the no. of  repatriation policy was migrants 8 adopted by the Japanese 2. Changes in birth rate & death 3. Emigration wave  pop dropped to 600,000 rate ~ in 1980s, Question of HK made in 1945 ~ 50s-60s : post-war econ recovery many local migrated 2. Overseas Chinese + social stability baby boom in e.g. around 20000 locals migrated ~ exclusion policies pushed HK overseas each year the oversea Chinese to ~ improved medical care + raising ~ after June Fourth Incident leave their foreign living standard  death rate fell (1989), even more local migrated countries  high natural pop increase e.g. around 60000 locals each year e.g. US approved the ~ 70s : high cost of raising a child ~ after 1997, outward migration Chinese Exclusion Act + universal education caused late declined as HK dev was stablised (late 19th century) marriages + abandonment of 4. Influx of Vietnamese & boat e.g. Australia only allowed traditional concepts of ‘raising people immigration of Caucasians children to provide for old age’ + ~ 1979 HK: ‘port of 1st asylum’  (early 20th century) campaign ‘two is enough’ launched over 200000 Vietnamese escaped e.g. Canada passed the by Family Planning Association of to HK (75-2000)around 140000 Chinese immigration Act HK in 1970s birth rate fell were resettled overseas while (1923) sharply  decline in natural pop 60000 were repatriated only  some chose to settle in growth rate 2400 became HK residents HK 9  Urbanization in Hong Kong 1900- late 1940s 1950s-mid-1970s After late-1970s Meanin ~ a modernization process following econ development of a society g ~ it took place when more people move from the rural areas to the city which subsequently expands in size  total pop living in urban areas increased Develop 1. Reclamation projects 1. Large-scale reclamation 1. Reclamation for econ - a) HK Island projects development ment ~ gov’t carried out large-scale ~ reclaimed land in Kwun Tong, ~ reclaimed lands for of reclamation projects along Cheung Sha Wan commercial & large-scale the coast of Victoria City, for commercial, industrial & infrastructure Western district, Central & residential uses e.g. HK Convention & Wan Chai, later towards ~ reclamation project in Kln Bay Exhibition Centre (Wan Quarry Bay  expansion of Kai Tak Airport Chai) b) Kowloon Peninsular ~ since 1960s, reclaimed land in e.g. Chek Lap Kok airport ~ gov’t & private companies Tuen Mun & Tseung Kwan O ~ reclamation projects for jointly carry out reclamation  developed new towns new towns dev continued projects in Tsim Sha Tsui, ~ reclaimed land in Kwai Chung e.g. Shatin Sham Shui Po & Kln Bay to  built Kwai Chung Container e.g. Tai Po meet the rising demand of pop Terminals e.g. Tseung Kwan O growth e.g. Tuen Mun 2. Planning of New Kln 2. Development of new towns 2.Continuous development ~ insufficient land supply of ~ a self-sufficient society having of new towns Kln made some developers to both industrial-commercial areas ~ from 80s, gov’t built new build residential blocks & & highly-density residential towns in Tseung Kwan O, factories at Sham Shui Po, zones with community facilities Tin Shui Wai, Tung Chung Cheung Sha Wan & Lai Chi e.g. 1953 Kwun Tong, a testing  public housig estates Kok (formerly parts of N.T.) area for ‘satellite city’ (failed as were built lacking of planning)  by 2000, 3.1 million HK ~ in 1937, gov’t mapped out a e.g. 1959 Tsuen Wan : 1 new residents lived in new towns st New Kln district (stretching town provided public housing, from the north of Boundary factories, recreational facilities ~ Problems faced by new Street to the Kln Hills) ~ in 1973 NT Dev Dept was set towns : including Sham Shui Po, Kln up specialized in new town dev e.g. inadequate job City, Wong Tai Sin & Kwun e.g. 1970s : Shatin, Tuen Mun & opportunities Tong Yuen Long e.g. problem of traffic congestion e.g. expensive transportation costs e.g. insufficient edu, medical, & social services 10  Urbanization in Hong Kong 1900- late 1940s 1950s-mid-1970s After late-1970s Develop 3. Development of 3. Urban renewal 3. Urban renewal - transport network ~ since 1960s, gov’t ~ gov’t carried out large-scale ment ~ dev of transport introduced urban renewal reconstruction in TST by facilities is a feature of scheme demolishing the main terminus urbanization e.g. subsidized HK&Kln building of railway station ~ in 1924 HK & Yaumati Wharf & Godown Co. to tear e.g. HK Space Museum Ferry Co down part of TST pier e.g. HK Cultural Centre  provide cross-harbour  rebuilt it as Ocean e.g. HK Museum of Art service Terminal & Star House ~ in 1986, Land dev Corporation ~ in 1904 HK Tramways e.g. rebuilt Taikoo Dockyard (later renamed Urban Renewal Ltd as a residential & Authority) was formed  to  provide tram service commercial district (1975) coordinate redev projects ~ in 1910 Kln-Canton e.g. redeveloped Sheung Wan ~ in 1991, Town Planning Board Railway (1970s) was set up  do research &  open service from TST consultation on HK planning to Lo Wu  Planning Dept was exe arm of ~ in 1924 China Motor the Board Bus 4. Dev of public transport 4. Metropolis planning ~ in 1933 Kln Motor Bus ~ new projects were ~ in 1990, Metroplan was  bus routes cover HKI, completed announced Kln, N.T. e.g. Lion Rock Tunnel (1967)  HKI, Kln, Tsuen Wan, Kwai ~ in 1936 Kai Tai Airport e.g. Cross-Harbour Tunnel Chung were defined as Metro was officially opened, (1972) Area providing civil aviation 5. Improvement of living  an outline plan on overall land service conditions use, transport & environmental ~ gov’t also built roads & ~ in 1953 Shek Kip Mei Fire planning was drawn up highways  gov’t decided to build  in 1999, pop in Metro Area e.g. Tai Po Road resettlement blocks surpassed the original ceiling e.g. Castle Peak Road ~ in 1960s, low-cost housing  the Metroplan became obsolete estates were built 5. Dev of transport network e.g. Upper Ngau Tau Kok ~ Mass Transit Railway was put (1967) into service (1979) ~ in 1973, 10-yr Housing ~ Light Rail Transit also came into Programme was operation (1988) implemented ~ Eastern Harbour Crossing e.g. Lek Yuen Estate (1975) (1989) ~ in 1976, Home Ownership ~ Tate’s Cairn Tunnel (1991) Scheme was carried out ~ HK International Airport was 11 e.g. Shun Chi Court in Kwun officially opened (1998) Tong ~ Tsing Ma Bridge, Airport Railway, Western Harbor Crossing 12