projects will only be initiated if the two sides have reached a common view concerning them.
The Chinese Government will adopt a positive attitude to
necessary and reasonable borrowing by the Hong Kong
Government to be repaid after 30 June 1997. If the total
amount of debt to be repaid after 30 June 1997 will not
exceed HK Dollars 5 billion, the Hong Kong Government will
be free to borrow as necessary while informing the Chinese
Government. If the total amount of such debt will exceed HK
Dollars 5 billion such borrowing will only proceed if a
common view has been reached concerning the proposal.
E.
On the basis of the above understandings the Hong Kong
Government will plan its finances with the firm objective
that the fiscal reserves on 30 June 1997 to be left for the
use of the Hong Kong Special Administrative Region
Government will not be less than HK Dollars 25 billion.
F. In order to facilitate the construction of the new
airport in Hong Kong there will be established an Airport
Authority and a Consultative Committee.
(i) The Airport Authority Ordinance will be modelled as far as possible on the Mass Transit Railway Corporation
Ordinance. The Hong Kong Government will retain power to
direct the Authority and responsibility for key areas of policy up to 30 June 1997. The Hong Kong Government will be willing to consider and take into account views of the
Chinese side when the Hong Kong Government is drawing up the
draft bill on the Authority.