After friendly discussions in Beijing between
representatives of the Government of the United Kingdom of
Great Britain and Northern Ireland and representatives of
the Government of the People's Republic of China from
27-30 June 1991, the two Governments, bearing in mind
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the urgent need for a new airport in Hong Kong in order to
ensure and develop its prosperity and stability,
-
the need for the airport project to be cost-effective and
not to impose a financial burden on the Government of the
Hong Kong Special Administrative Region of the People's
Republic of China after 30 June 1997, and
the need for practical and workable arrangements to allow
work connected with the new airport to be carried out speedily and efficiently,
have reached the following understandings:
A.
Between now and 30 June 1997 the Hong Kong Government
will complete the Airport Core Programme projects listed in
the Annex to this Memorandum of Understanding to the maximum extent possible. The Hong Kong Government will be responsible for the construction of projects covered by this
Memorandum up to 30 June 1997.
B. The Chinese Government will support the construction of the new airport and related projects. It will indicate clearly to interested potential investors in accordance with
the principles enshrined in this Memorandum that obligations
related to the airport projects entered into or guaranteed by the Hong Kong Government will continue to be valid and be
recognised and protected by the Hong Kong Special