XN000022-1997-03-12 — Page 67

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THE CONSTITUTIONAL FRAMEWORK

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"Article 5 of the Basic Law is a clear pledge that Hong Kong will continue to enjoy free, open and competitive markets which are not controlled by state planning or state direction." (Para 14)

A Centre for International Business

"In recent years, our performance as an international business centre has won very high marks from independent and prestigious authorities such as the International Monetary Fund and the Heritage Foundation." (Para 17)

"The Basic Law offers a commitment to Hong Kong's continuing role as a centre for international business." (Para 18)

Financial Prudence

"Living within our means has been a fundamental principle of our public finances for at least fifty years." (Para 20)

"Avoiding budget deficits is a well-established tradition. In nine of the last ten years, we actually achieved a budget surplus." (Para 20)

"In the five financial years since 1991, growth in government expenditure and GDP were identical in real terms at 30 per cent." (Para 20)

Economic Autonomy

"The Basic Law promises that Hong Kong's best practices will continue into the future. It enshrines in law Hong Kong's winning formula for economic success in the past. It will prove even more important in ensuring our future prosperity." (Para 23)

"As the world's eighth largest trading economy, the ninth largest exporter of services and the fifth largest foreign exchange market, it is vital for Hong Kong that The British and our voice is heard in the deliberations of international bodies

the Chinese Sides have agreed the necessary arrangements to continue Hong Kong's separate membership of such bodies from 1 July in accordance with the Basic Law." (Para 24)