25/07 '93
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2004/004
NOTE
1.
Hong Kong enjoys a high level of autonomy in the conduct of its internal and external economic affairs. The Hong Kong Government has full responsibility for all Hong Kong's economic policies and regulates the highly developed financial markets without reference to London. Also, Hong Kong participates in its own right in a number of international organisations and groups such as GATT, the Asian Development Bank, the Customs Cooperation Council and the Asia Pacific Economic Conference.
2.
The Joint Declaration and the Basic Lav (a Chinese lav vhich will become Hong Kong's constitution after 1997) guarantee that Hong Kong's current economic policies will continue after 1997, and that it will continue to enjoy the same high level of autonomy in the conduct of its economic and commercial affairs.
Hong Kong currently has financial reserves of around BR$120 billion; in addition it has foreign exchange reserves which are the tenth highest in the world. The Hong Kong
Government has no public debt and Hong Kong's economic fundamentals remain extremely strong.
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Given the healthy economic and financial situation in Hong Kong, and the fact that Bong Kong's Legislative Council has already approved in principle funds for the 1997 IMP/IBRU Annual Keeting, there is no need for the UK or China to stand behind Hong Kong's financial commitment for this meeting. would also be highly undesirable from the point of Hong Kong's present and future autonomy for either HMG or the PRC to give such a guarantee.
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