CONFIDENTIAL
I think you will agree that the negotiations were always easy. At certain points there were difficult
decisions to be made on both sides. There were moments of
tension. To overcome these difficulties we needed to draw on
a shared fund of goodwill; on friendship; and on a common
commitment to Hong Kong's future. This was what made success
possible. I should like to pay tribute to the dedication of
the two negotiating teams and all their supporting personnel,
under the guidance of Sir Geoffrey Howe and State Councillor
and Foreign Minister Wu Xueqian. It is thanks to the
imagination and resource which they showed that we can sign an agreement today.
5. The agreement fully meets the political requirements of Britain and China, as well as the interests of the Hong Kong
people. It provides the framework in which, as a Special
Administrative Region of the People's Republic of China, Hong
Kong will maintain its economic system and way of life for 50
years after the first of July 1997. It gives Hong Kong a high degree of autonomy: Hong Kong people will administer
Hong Kong and the Special Administrative Region will pass its
own legislation. It allows Hong Kong to continue to decide
its own economic, financial and trade policies and to
participate as appropriate in international organisations and agreements. It preserves Hong Kong's familiar legal system
and the rights and freedoms enjoyed there. In short it provides the assurances for the future which Hong Kong needs,
in order to continue to play its unique role in the world as
a trading and financial centre.
CONFIDENTIAL
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