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Moving Millions by Young Commercial Success & Political Controversies Hong Kong
Moving Millions by Rikkie Young The Commercial Success and Political Controversies of Hong Kongs Railways
Hard Cover
315 pages
Copyright 2008
CONTENTS
Prefacevii
Acknowledgementsix
A Note on Referencing, Tables and Endnotesxi
List of Tables and Figuresxiii
Abbreviationsxv
Part I Political and Policy Context1
Chapter 1
Railways as Part of the Hong Kong Miracle3
Chapter 2
Serving a Community at Change15
Chapter 3
Hong Kong's Railways versus International Experience39
Part II Contrast in Corporate Governance65
Chapter 4
Pioneer MTRC versus KCRC Bureaucracy67
Chapter 5
MTRC's Struggles for Profits and Autonomy93
Chapter 6
KCRC's Governance Controversies125
Part III Challenges in Railway and Property Development159
Chapter 7
Leading Railway Builder versus Controversial Project Manager161
Chapter 8
Property Development and Environmental Impact of Projects185
Part IV Passenger Interests199
Chapter 9
Passenger Fares, Choice and Convenience201
Chapter 10
Rising Passenger Expectations for Reliable Operation221
Part V Looking to the Future from the Past233
Chapter 11
The Future: Two Railways Becoming One?235
Epilogue263
Endnotes267
References301
Index309
PREFACE
The last five or six years have been an exciting period in the history of Hong Kong railways. During this period, the two government-owned railway corporations, the MTRC and the KCRC often made headline stories. While a few were positive news such as the MTRC's expansion into international railway networks, more were about serious controversies (or even scandals) and public criticisms of the two corporations, in particular the KCRC. The most exciting part was the government's decision to change the governance mode of railway sector that it had tried hard to keep unchanged for more than a quarter of century - by merging all the KCRC railway operations into the MTRC in December 2007, thereby creating a railway monopoly in Hong Kong. The KCRC still exists. But it has ceased railway operation and has become a government corporation owning the KCR assets.
The book examines the Hong Kong railways sector from the 1970s to the new millennium. It is an analysis of the railway politics and policy-making. In particular, it compares how the MTRC and KCRC management dealt with the complex relationships with the government, market and community over the last three decades when Hong Kong experienced drastic political and socioeconomic changes. Railway business is not an ordinary business but involves important public interests. The Hong Kong railway model has been profitable and efficient, yet not without social costs and controversies. Meanwhile, the rapidly modernised community has justifiably been raising expectations on public railway performance. Hong Kong people also demand a higher degree of accountability, monitoring, transparency and civil society participation in railway governance.
This piece of research is largely based on my doctoral thesis on the Hong Kong railway governance conducted between 2002 and 2004. The book is substantially updated with all the subsequent developments leading to the `merger' of the two railways last year. When I began the research in 2002, the original railway model had been kept intact by the government for decades in face of changing community expectations and public criticisms. Make no mistake. The original railway model did deliver good financial and operational performance so much so that it can be considered part of the Hong Kong miracle in modernisation. The model was composed of four core policy elements (economically focused railway development, operational autonomy, fare autonomy and property development financing), which were conducive to the exceptional commercial success of the MTRC and the KCRC.
Nonetheless, the railway policies carry social costs, including a less extensive railway network as compared to other developed cities. This book confirms some of the public criticisms towards the government-owned railways in Hong Kong. For example, the KCRC was indeed controversy-plagued. In its twenty-five-year corporate history, each and every former chairman and/ or chief executive officer left the Corporation following some serious public controversies. Another public perception that was also true was that passengers paid railway fares four to five percent higher than the price index during the deflationary years. Many such problems were not solely due to the MTRC or the KCRC management but should be considered in the context of government policies and political situation.
The railway merger in 2007 represented a significant change in the government's policy towards the two railway corporations. In economic terms, the synergy produced by the merger would not be substantial. The estimated savings per annum a few years after the merger represent only three percent of the combined operating profits before depreciation of the MTRC and the KCRC in 2005. Then, the question is whether the merger will bring about an improvement to railway governance and policies. On the basis of past experience, this book will shed light on the extents to which the original railway policies have actually been changed, the sustainability of the railway model has been addressed, and the gaps in various public interest issues have been narrowed.
By looking into the past, readers may draw their own conclusions about the future.
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