MANILA
ASIAN DEVELOPMENT BANK
DEVELOPMENT BAN
BOARD OF GOVERNORS
NINETEENTH ANNUAL MEETING
30 APRIL-2 MAY 1986
HKK 10217
RECEIVE.
INTIL
JINT
12 JUN 1986
DAVID A.
EHSTRY
Action Taken
AB12/6
HONG KONG
GS-9
NENDICK
Game
Secretary for Monetary Affairs
On behalf of my delegation, I would like to express my appreciation to the Government and people of the Philippines for their hospitality at this 19th Annual Meeting of the Board of Governors.
I also wish to join other Governors in welcoming the People's Republic of China and Spain most warmly to membership of the Bank.
At the last Annual Meeting, my predecessor spoke about the Sino-British Joint Declaration on the future of Hong Kong. He also quoted the provisions enshrined in the Joint Declaration governing the various aspects of Hong Kong after 1997 particularly with regard to the financial, economic and monetary systems, external economic relations and to external relations more generally. The re-establishment of confidence which followed the announcement of the Joint Declaration in September 1984 was consolidated by its ratification in May 1985. Local residents and foreign investors now have the assurance that Hong Kong, in the immediate years ahead and beyond 1997, can continue to enjoy the stability and prosperity which have been created over the years.
Hong Kong's future has been assured and so has our continuing membership in the Asian Development Bank.
As a territory not responsible for its own international relations, Hong Kong's financial obligations which arise from our membership in the Bank are, at present, guaranteed by the United Kingdom, as the metropolitan power in accordance with Article 3 paragraph 3 of the Bank's Charter. On 1 July 1997, when the People's Republic of China resumes the exercise of sovereignty over Hong Kong, it will become, in accordance with the provisions of Article 31 of the Constitution of the People's Republic of China, a Special Administrative Region
(SAR) of China. As such it will enjoy a high degree of
The Joint Declaration also provides for the Hong
autonomy.
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