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CONFIDENTIAL
Government delegation in Peking had a very positive effect. The
Hong Kong people have attached particular importance to the
assurances from the Chinese Government that they will be consulted
on the drafting of the Basic Law and are anxious to know how this
will be done. After all, this law will determine their future
lives. It will need to be very closely attuned to the circumstances
of Hong Kong, and will have to be drafted in a way which courts and
an administration accustomed to the British system of law can
readily understand. It will not be an easy task.
6. Our Governments are agreed that until 1997 Britain will have
full responsibility for Hong Kong. I can give you my personal
assurance, as Sir Geoffrey Howe did in July, that it will be
administered prudently and with foresight, in the best interests of
the Hong Kong people.
7.
As I am sure you know, Mr Chairman, Britain derives no direct
revenue from Hong Kong. It has no intention of doing so in the next
12 years.
Hong Kong's budget and exchange fund will be administered
by the Hong Kong Government, as now. It will be administered solely
in the interests of Hong Kong, and no doubt in the tradition of
sound and cautious financial management for which Hong Kong is
famous.
Land leases will be dealt with in accordance with the Joint
Declaration, which establishes a Commission of Chinese and British
officials to oversee the matter. In all this Britain's overriding
objective is to ensure that Hong Kong can pass through the
transition to its new status as smoothly as possible, without any
weakening of confidence or flight of capital.
8. This approach applies also to Hong Kong's constitutional
development. The limited reforms which will be undertaken next year
are the minimum response to public demand. They are cautious and
entirely consistent with the Joint Declaration. If the agreement
is
to work local people in Hong Kong must have sufficient experience to
be ready to run their own administration in 1997. Our aim will be
to give them this experience, and to assist in the formation of a
Government in local hands which is firmly based, competent and has
Hong Kong's interests at heart.
CONFIDENTIAL
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