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its social and economic systems. It stipulates that Hong
Kong's capitalist system, with rights of ownership protected by
law, its securities, foreign exchange and other markets, its
own freely convertible currency and lack of exchange controls
will continue. The Hong Kong SAR will keep its own financial
and fiscal system, its free port and its own customs
territory. It will have its own travel documents and its own
air services agreements, and will conduct its own economic and
cultural external relations. Hong Kong will be able to
continue to participate in international organizations much as
it does now. The fabric of relationships that make Hong Kong
an international trading, financial and communications centre
will be kept intact. All these provisions are guaranteed for
fifty years from 1997.
For Hong Kong people, therefore, the Joint Declaration
provides that the essentials of their lifestyle will not
change. For investors, local and overseas, it gives
reassurance that their rights will be protected and that
profits can be freely converted or repatriated.
So much for what the Joint Declaration says. But what
many people worry about is whether it will work in practice.
There are good grounds for being confident that it will.
First, we have the record of implementation so far.
Britain
and China have had more or less continuous discussions on
implementation since the ratification of the Joint Declaration
in mid 1985. The main forum for these discussions is the