A good deal still remains to be done in order to cover all the aspects of Hong Kong's economic system and way of life which I described in my statement in April. There are matters of substance to be settled. The negotiators will continue their work. The British government will want to judge the agreement as a whole at the end of the negotiations. So too will the people of Hong Kong.
But already I can tell you that Hong Kong can look forward with confidence to an agreement which will contain the following
essential provisions:
-It will preserve Hong Kong's familiar legal system and the body of laws in force in Hong Kong. By that I mean the Common Law, Rules
of Equity, Ordinances, Subordinate Legislation and Customary Law. Within that general framework, power to make laws will continue to lie with the legislative authorities of Hong Kong: and judicial power, including the right of final appeal, will be vested in the
courts of Hong Kong.
-The agreement will enable Hong Kong to continue to decide its own
economic and trade policies: to maintain its status as a free port
and a major manufacturing and trading economy: and to preserve the rights of ownership of property and free movement of goods. -It will provide for the continuation of Hong Kong's status as a separate customs territory. Hong Kong will be able to continue participating in international organisations and trade agreements
such as the GATT: to continue to enjoy exclusively its own export quotas and tariff preferences: and to issue its own certificates of
origin for Hong Kong products.
-It will provide for Hong Kong to manage its own financial affairs
and to use its financial revenues exclusively for its own
purposes.
-It will provide for the continuing convertibility of the Hong Kong dollar and the freedom to move capital into and out of Hong Kong. -It will contain arrangements for continuity of employment in the
Public Service and for the safeguarding of pension rights. -It will maintain Hong Kong's systems of port management, shipping
and the free operation of private shipping business.
-It will enable Hong Kong residents to continue to enjoy the right
to travel and move freely into and out of Hong Kong.
-It will provide for the maintenance of Hong Kong's education
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