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JUSTICE, AND RESPONSIBILITY FOR PUBLIC ORDER IN THE TERRITORY. UNDER SUCH ARRANGEMENTS THE LAWS OF HONG KONG, INCLUDING THE WRITTEN AND COMMON LAW, WOULD BE BASED UPON THE PRESENT SYSTEM: HONG KONG WOULD MANAGE ITS OWN PUBLIC FINANCES WITHIN WHICH TAXES LEVIED IN HONG KONG WOULD, AS NOW, BE EMPLOYED IN HONG KONG FOR THE BENEFIT OF THE HONG KONG PEOPLE. THERE WOULD ALSO BE A PLACE FOR OUTSIDE PEOPLE, FOR BRITAIN AND ELSEWHERE, TO GO ON WORKING AND MAKING A CONTRIBUTION TO LIFE IN HONG KONG. WHAT IS OF
PARTICULAR IMPORTANCE IS THAT UNDER SUCH ARRANGEMENTS HONG KONG
WOULD CONTINUE TO OPERATE AS AN INTERNATIONAL FINANCIAL AND
COMMERCIAL CENTRE AS IT DOES TODAY. HONG KONG'S EXTENSIVE AND
DIRECT ECONOMIC RELATIONS WITH ITS TRADING PARTERS ALL OVER THE
WORLD WOULD BE ALLOWED TO CONTINUE AND TO DEVELOP. ARRANGEMENTS
WOULD NEED TO BE MADE IN CO-OPERATION WITH OTHER COUNTRIES
· CONCERNED, TO ENSURE THAT HONG KONG REMAINED AN IMPORTANT
PARTICIPANT IN REGIONAL AND WORLD ECONOMIC INSTITUTIONS SUCH AS THE ASIAN DEVELOPMENT BANK, THE MULTI-FIBRE ARRANGEMENT AND IN
PARTICULAR, THE G A T T.
9. IN THIS CONTEXT I SHOULD EMPHASISE THE HIGH DEGREE OF
AUTONOMY ALREADY EXERCISED TODAY BY THE HONG KONG GOVERNMENT.
THE DAY-TO-DAY LIFE OF THE TERRITORY IS DETERMINED BY DECISIONS
TAKEN IN HONG KONG, NOT IN LONDON. THOSE WHO LIVE IN HONG kong AND ALL THOSE WHO HAVE DEALINGS WITH THE TERRITORY WILL BE
LOOKING FOR ASSURANCE THAT SUCH AUTONOMY WILL BE MAINTAINED AFTER
1997. THAT ASSURANCE CAN BEST BE PROVIDED BY A DETAILED AND
BINDING AGREEMENT CLEARLY DESCRIBING ARRANGEMENTS FOR THE FUTURE.
10.
A RELATED POINT IS THE DEGREE TO WHICH THE ADMINISTRATION OF
HONG KONG WILL BE IN THE HANDS OF LOCAL PEOPLE. THE CHINESE
GOVERNMENT HAVE MADE IT CLEAR PUBLICLY THAT AFTER 1997 HONG KONG
PEOPLE WILL ADMINISTER HONG KONG. THIS WOULD BE IN LINE WITH THE
PROCESS OF DEMOCRATIC DEVELOPMENT IN HONG KONG WHICH IS ALREADY
UNDER WAY, AND WHICH HER MAJESTY'S GOVERMENT FULLY ENDORSE. AT
THE LOCAL LEVEL IN HONG KONG PROPOSALS HAVE RECENTLY BEEN MADE
WHICH WILL STRENGTHEN THE EXISTING ELECTED ELEMENT IN GOVERNMENT.
AND THE HONG KONG GOVERNMENT WILL BE PUBLISHING IN THE SUMMER A
GREEN PAPER SETTING OUT PROPOSALS WHEREBY THE REPRESENTATIVE
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