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MONDAY, BEPTIMUM 30, 15
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RESUME OF TERMS OF AGREEMENT
THE TERMS OF THE AGREEMENT ARE NOW WIDELY KNOWN. BUT IT WOULD BE HELPFUL IF I REMINDED YOU OF SOME OF ITS MAIN PROVISIONS
IN 1997 HK WILL BECOME AN SAR OF THE PRC, BUT THE SOCIALIST POLICIES ADOPTED BY THE PRO WILL NOT BE APPLIED TO HK. THE ECONOMIC AND FINANCIAL SYSTEMS IN HK WILL, IN ALL ESSENTIAL RESPECTS. CONTINUE FOR FIFTY YEARS AFTER 1997. HK'S FAMILIAR SYSTEM OF LAW WILL CONTINUE. IT WILL DECIDE ON ITS OWN ECONOMIC AND TRADE POLICIES, THE FREE ENTERPRISE SYSTEM, FREE TRADE POLICIES AND FREE PORT WILL CONTINUE SO WILL INDIVIDUAL RIGHTS AND FREEDOMS INCLUDING THOSE IN ECONOMIC MATTERS, SUCH AS FREEDOM OF MOVEMENT OF CAPITAL, AND THE RIGHT TO OWN AND DISPOSE OF PROPERTY. THE HK DOLLAR WILL REMAIN FREELY CONVERTIBLE AND HK WILL RETAIN THE RIGHT TO MANAGE ITS EXCHANGE FUND. HK WILL RETAIN THE AUTHORITY TO CONDUCT ITS OWN EXTERNAL AFFAIRS IN ECONOMIC, TRADE, FINANCIAL, MONETARY AND SHIPPING MATTERS, AND WILL RETAIN A LARGE DEGREE OF AUTONOMY IN CIVIL AVIATION. EXISTING LEASES AND RIGHTS IN LAND WILL CONTINUE AFTER 19971 RENEWABLE LEASES CAN BE EXTENDED UP TO 2047 AND NEW LEASES CAN BE GRANTED UP TO THE SAME DATE.
A NEW STAGE
THE EXCITING AND PRESSING EVENTS OF 1983 AND 1984 WHICH I HAVE JUST OUTLINED CAME TO A POINT OF SETTLEMENT IN MAY 1985 WITH THE EXCHANGE OF INSTRUMENTS OF RATIFICATION AND THEIR REGISTRATION AT THE U.N. FROM THAT DATE A NEW STAGE IN HK'S HISTORY HAS STARTED. I SHOULD NOW LIKE TO TURN TO THIS STAGE AND LOOK FORWARD INTO THE FUTURE. IN DOING SO I WILL TOUCH ON A NUMBER OF MAIN FEATURES WHICH CHARACTERISE THE PRESENT SCENE: THE JOINT LIAISON GROUP (JLG), THE LAND COMMISSION (L.C.), THE BASIC LAW (BL) AND CONSTITUTIONAL DEVELOPMENT.
JLG
ANNEX II OF J.D. SETS OUT ITS PROVISIONS FOR THE GROUP: ITS COMPOSITION OF FIVE OFFICIALS ON EACH SIDE, ITS FUNCTIONS OF CONSULTATION, DISCUSSION AND EXCHANGE OF INFORMATION: IT IS SPECIFICALLY STIPULATED THAT IT IS NOT TO BE AN ORGAN OF POWER, UNTIL 1988 IT WILL MEET (AT LEAST THREE TIMES A YEAR) IN LONDON, PEKING AND HONG KONG ALTERNATIVELY. FROM 1988 (1 JULY) ITS PRINCIPAL BASE WILL BE IN HK AND IT WILL CONTINUE TO MEET TWO YEARS AFTER SOVEREIGNTY PASSES TO CHINA - TO 1 JANUARY,
2000.
THE JLG
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