SECRET
3. Appointment and promotion will continue to be on the basis of qualifications, experience and ability. The present special bodies dealing with appointment, pay and conditions of service (ie the Public Service Commisson and the two bodies dealing with Civil
Service salaries and conditions of service) will continue to
operate.
(E)
FINANCIAL SYSTEM
1.
It
This section of the annex needs little further explanation.
provides essentially for the SAR to have complete authority in financial and budgetary matters. It provides for budgets and final accounts to be reported to the Central People's Government for the
record: the Chinese Government have made clear that this does not
imply any process of approval in Peking. This part of the annex also provides for the taxation and revenue system of the SAR to be maintained separately from the rest of China, and for all revenues raised in the SAR to be used only for the benefit of the Sar. Legislature will have control of all taxation and public expenditure. The present system of auditing will be maintained.
(F) ECONOMIC SYSTEM AND EXTERNAL ECONOMIC RELATIONS
The
1. This section of the annex provides both for the autonomy of the SAR Government in determining its trade and economic policy, and for continuity of Hong Kong's free port status and free trade policy.
It allows Hong Kong to maintain economic and trade relations with all countries and regions without exception.
2.
The right to property including the inheritance of property is protected by this section. Just compensation will continue to be paid for the lawful deprivation of property for public purposes.
3.
Under the GATT there is provision for parts of countries which
are separate customs territories to belong in their own right to the GATT. This part of the annex provides for the SAR to be a separate customs territory. It also provides for the SAR's continued
participation in the GATT and other bodies.
SECRET
No comments yet.
Private notes are available after approval.