IMPLEMENTATION OF THE SINO-BRITISH JOINT DECLARATION
in order to survive July 1, 1997. The JLG has so far agreed on the localisation of some 30 United Kingdom enactments.
The laws of Hong Kong also need to be reviewed and, if necessary, 'adapted' to ensure their compatibility with the Basic Law, so that they can continue to be in force.
During the year, both sides continued to exchange views on the localisation and adaptation of laws.
Land Commission
The Sino-British Land Commission was established in 1985 in accordance with Annex III to the Joint Declaration. Its function is to conduct consultations on the implementation of the provisions of Annex III on land leases and other related matters. It holds meetings in Hong Kong.
During 1993, the Land Commission held two formal meetings. The two sides agreed to make available, during the 1993-94 financial year, a total of about 127.8 hectares of land. This included 45.59 hectares for the development of the Black Point Power Station. Discussions continue on the land grant for Container Terminal 9, construction of which has to commence as soon as possible to meet the growing demand for container handling capacity.
Under the terms of the Joint Declaration, premium income obtained by the Hong Kong Government from land transactions is, after the deduction of the cost of land production, to be shared equally between the Hong Kong Government and the future SAR Government. The Hong Kong Government's share of premium income is put into the Capital Works Reserve Fund for financing public works and land development. The future SAR Government's share is held in a trust fund, called the Hong Kong Special Administrative Region Government Land Fund, established by the Chinese side of the Land Commission. The fund is managed under the direction and advice of an investment committee, which includes prominent bankers in Hong Kong, as well as a monetary expert from the Hong Kong Government. Over $44,232 million, representing the future SAR Government's share of premium income for the period May 27, 1985 to December 31, 1993, has been transferred to the fund.
The Basic Law
The Joint Declaration provides that the basic policies of the People's Republic of China regarding Hong Kong will be stipulated in a Basic Law of the Hong Kong SAR by China's National People's Congress (NPC). The Basic Law Drafting Committee and Basic Law Consultative Committee were established in 1985 to undertake the drafting of the Basic Law and to canvass public views on the drafts of the Basic Law. The first draft was published in April 1988 and the second draft in February 1989. The Basic Law was promulgated in April 1990 by the NPC, together with the designs for the flag and emblem of the SAR. It will come into effect on July 1, 1997.
Like the Joint Declaration, the Basic Law provides that the SAR will enjoy a high degree of autonomy and that the capitalist system and way of life shall remain unchanged for 50 years after July 1, 1997. It also prescribes the systems to be practised in the SAR.
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