TNAG-1821-FCO40-2584-Emigration-from-Hong-Kong-1988 — Page 193

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its social and economic systems. It stipulates that Hong

Kong's capitalist system, with rights of ownership protected by

law, its securities, foreign exchange and other markets, its

own freely convertible currency and lack of exchange controls

will continue. The Hong Kong SAR will keep its own financial

and fiscal system, its free port and its own customs

territory. It will have its own travel documents and its own

air services agreements, and will conduct its own economic and

cultural external relations. Hong Kong will be able to

continue to participate in international organizations much as

it does now. The fabric of relationships that make Hong Kong

an international trading, financial and communications centre

will be kept intact. All these provisions are guaranteed for

fifty years from 1997.

For Hong Kong people, therefore, the Joint Declaration

provides that the essentials of their lifestyle will not

change. For investors, local and overseas, it gives

reassurance that their rights will be protected and that

profits can be freely converted or repatriated.

So much for what the Joint Declaration says. But what

many people worry about is whether it will work in practice.

There are good grounds for being confident that it will.

First, we have the record of implementation so far.

Britain

and China have had more or less continuous discussions on

implementation since the ratification of the Joint Declaration

in mid 1985. The main forum for these discussions is the