SECTION V FINANCIAL SYSTEM
4.21
THIS SECTION ATTRACTED LITTLE COMMENT. THAT
THE HK SAR SHALL HANDLE ITS OWN FINANCIAL MATTERS WAS
WELCOMED. QUESTIONS WERE RAISED ON THE LIKELY TAX
STRUCTURE UNDER THE SAR: ON WHETHER HK SAR WOULD HAVE TO
CONTRIBUTE TOWARDS THE COST OF DEFENCE: ON WHAT WOULD
HAPPEN TO THE RESERVE FUND HELD BY THE PRESENT HK
GOVERNMENT: AND WHETHER THE REQUIREMENT FOR THE SAR BUDGETS
AND FINAL ACCOUNTS TO BE REPORTED TO THE CPG FOR THE RECORD
WOULD LEAD TO INTERVENTION BY THE CPG IN THE FINANCIAL
AFFAIRS OF THE HK SAR.
SECTION VI THE ECONOMIC SYSTEM AND EXTERNAL ECONOMIC
RELATIONS
4.22
THE PROVISIONS FOR THE MAINTENANCE OF THE PRESENT
CAPITALIST ECONOMIC AND TRADE SYSTEMS IN HONG KONG WERE
WARMLY WELCOMED BOTH LOCALLY AND OVERSEAS. THE HONG KONG
GENERAL CHAMBER OF COMMERCE, THE CHINESE MANUFACTURERS
ASSOCIATION AND THE HONG KONG FEDERATION OF INDUSTRIES
ISSUED A JOINT STATEMENT ON THE DRAFT AGREEMENT TO THE
EFFECT THAT IT CAN BE WIDELY ACCEPTED BY BUSINESSMEN AND
INDUSTRIALISTS AS PROVIDING THE BEST POSSIBLE BASIS FOR
CONTINUED ECONOMIC PROSPERITY''. ECONOMIC REPORTS FROM THE
BANKING SECTOR CONFIRMED THE GENERALLY ENTHUSIASTIC REACTION FROM BUSINESS CIRCLES. THE SOUTH CHINA MORNING
POST BUSINESS NEWS WAS ALSO OPTIMISTIC TOWARDS THE FUTURE
OF HONG KONG IN TERMS OF ECONOMIC OPPORTUNITIES IN CHINA
AND THE HONG KONG ENTREPRENEURS' INVOLVEMENT.
4.23
VIEWS HAVE FOCUSSED ON :
HONG KONG'S STATUS AS AN INTERNATIONAL
COMMERCIAL CENTRE
TRANSFER OF TECHNOLOGY
COMMERCIAL ARBITRATION BETWEEN HONG KONG
AND CHINA
4.24
IMPORTANT POINTS MADE WERE:
THE INTERESTS OF HONG KONG SHOULD NOT COME SECOND
TO THOSE OF CHINA IN THE EVENT OF A CONFLICT OF
INTEREST ON MATTERS OF EXTERNAL ECONOMIC
RELATIONS:
A COMMITTEE SHOULD DE SET UP BY GOVERNMENT TO
NEGOTIATE WITH THIRD COUNTRIES FOR RECOGNITION OF
HONG KONG'S STATUS, AND ITS REPRESENTATION IN VARIOUS INTERNATIONAL BODIES INCLUDING THE GATT, MFA, ETC:
SECRET -33-
/THE
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