But
this absorbed into
does not
Mehu
that Hong hong will
be
socialist
Chira.
5
6.
40
Despite Fanty. Continuing to sheve fschoss every sign
schows every sign of staring
Fortunately, for Britain and Hong Kong China shares our desire to negotiate a transition preserving the cultural, political and
economic identity of the colony The Sino-British Joint Declaration of 1984 was a major achievement which established the basis for Hong
Kong's future. It is a binding international agreement, registered,
Special with the United Nations, Won
specifies that Hong Kong, as a largely autonomous Administrative zone of China, will have its own
government; preserve its capitalist system for at least fifty years; retain its human rights, laws, legal system, convertible currency, financial markets and free port. We have since made good progress on the details through the patient work of the Joint Liaison Group.
MA
S
The
Despite, or rather because of, Tiananmen Square, we have a clear
duty to uphold and consolidate these achievements Tiananmen Square
certainly damaged both confidence in Hong Kong and the credibility
of the Chinese government. But I do not accept that it necessarily call into question Chinese adherence to the Joint Declaration.
People's Republic of China has never before broken such an
international agreement, and in the last year they have frequently
reaffirmed their commitment to the concept of "one country, two
systems" China's serious intent has been demonstrated by the work
they have put into the recently promulgated Basic Law. In its
fifth and eleventh articles this clearly states that socialism will
*
not be extended to Hong Kong for at least traff a century. In recent evidence
prospects of Hong Kong lasting filly years are consicherably better than those of so
socialism]
the
China also has a massive economic stake in preserving the amazing phenomenon of Hong Kong. It is a vital source of hard currency and economic en ry for the mainland. Real growth over the last ten years, even in the shadow of political uncertainty, has averaged
over 7%. Per capita GNP - about £7,200 per year is among the highest in the region. This tiny place is the eleventh largest
trading entity in the world. The richer and more confident we leave it, the more Elise it will be to China and the better the
dispensi
―
prospect for its economic and political freedoms That is why the Hong Kong Government is pressing ahead with the programme of democratisation and the Bill of Rights. And why we are supporting a £10 billion infrastructure project (to redevelop the port
NW6AAF/2
and to
HKG, fully supproved by
us, have anbarked on