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MONDAY, DECEMBER 10, 1984
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SECONDLY, UNDER THE TERMS OF THE AGREEMENT ITSELF, THE POLICY SET OUT IN THE AGREEMENT WILL BE STIPULATED IN THE
BASIC LAW TO BE PROMULGATED BY THE NATIONAL PEOPLE'S CONGRESS OF THE PEOPLE'S REPUBLIC OF CHINA AND THEY WILL REMAIN UNCHANGED FOR 50 YEARS FROM THE FIRST OF JULY 1997.
THIRDLY, THE AGREEMENT CONTAINS A SUFFICIENT DEGREE OF DETAIL TO REASSURE OPINION IN HONG KONG, AND INTERNATIONALLY, ABOUT THE FUTURE OF THE TERRITORY. IT PROVIDES FOR HONG KONG TO ENJOY A HIGH DEGREE OF AUTONOMY AS A SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA AND MAKES CLEAR THAT THE SOCIAL IST SYSTEM AND POLICIES PRACTISED IN THE MAINLAND WILL NOT BE APPLIED TO THE SPECIAL ADMINISTRATIVE REGION. THE AGREEMENT PROVIDES THAT IT WILL BE SERVED BY AN ELECTED LEGISLATURE THAT THE EXECUTIVE WILL BE ACCOUNTABLE TO THAT LEGISLATURE- AND SUPPORTS THAT THE ADMINISTRATION WILL BE IN THE HANDS OF LOCAL PEOPLE.
IT GUARANTEES THAT HONG KONG'S PRESENT SYSTEM OF LAW, INCLUDING THE COMMON LAW, WILL BE MAINTAINED. THE PRESENT INDEPENDENT JUDICIAL SYSTEM WILL BE CONTINUED BUT WITH A COURT OF FINAL APPEAL SITTING IN HONG KONG. THE PUBLIC SERVICE, IN WHICH APPOINTMENT DEPENDS ON QUALIFICATIONS, EXPERIENCE AND ABILITY, WILL CONTINUE TO SERVE THE SPECIAL ADMINISTRATIVE REGION AS IT HAS LOYALLY SERVED HONG KONG IN THE PAST. THE PEOPLE OF HONG KONG WILL CONTINUE TO ENJOY THE IR EXISTING RIGHTS AND FREEDOMS UNDER THE HONG KONG LAW AND THE CONTINUED APPLICATION TO HONG KONG OF THE INTERNATIONAL COVENANT ON CIVIL AND POLITICAL AND ECONOMIC, SOCIAL AND CULTURAL RIGHTS.
THE AGREEMENT PROVIDES FOR HONG KONG TO RETAIN AND STRENGTHEN ITS POSITION AS A WORLD COMMERCIAL, FINANCIAL AND COMMUNICATIONS CENTRE. THE SPECIAL ADMINISTRATIVE REGION WILL BE ABLE TO NEGOTIATE AGREEMENTS AND PARTICIPATE IN INTERNATIONAL ORGANISATIONS IN APPROPRIATE FIELDS, SUCH AS THE GATT AND THE MULTI-FIBRE ARRANGEMENT. IT WILL HAVE AUTONOMY IN THE ECONOMIC, FINANCIAL AND MONETARY FIELDS. THERE WILL BE NO EXCHANGE CONTROL AND THE HONG KONG DOLLAR WILL BE FREELY CONVERTIBLE. INVESTORS WILL BE ABLE TO PUT IN, OR WITHDRAW, THEIR CAPITAL FREELY. THE SPECIAL ADMINISTRATIVE REGION WILL BE ABLE TO DETERMINE ITS OWN SHIPPING POLICIES AND TO NEGOTIATE ITS OWN AIR SERVICE ARRANGEMENTS FOR INTERNATIONAL FLIGHTS WHICH DO NOT TOUCH ON THE MAINLAND OF CHINA.
EXISTING LAND RIGHTS WILL BE RECOGNISED AFTER 1997 AND THE HONG KONG GOVERNMENT WILL BE ABLE TO GRANT NEW LEASES EXTENDING UP TO THE YEAR 2047. THE INHABITANTS OF HONG KONG WILL CONTINUE TO ENJOY THE RIGHT OF FREE ENTRY TO, AND FREE EXIT FROM, THE ADMINISTRATIVE REGION.
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