13. The Joint Declaration sets out the essentials of what had been
agreed by the two governments. It outlines the policies of the Chinese Government towards Hong Kong after 1997, which are further elaborated in Annex I. Paragraph 7 stipulates that the two governments agree to implement the Joint Declaration and Annexes. It has the effect of making them legally binding on both parties.
14. The detail of the Agreement is contained in the Annexes. The first Annex describes Chinese policies towards Hong Kong after 1997. (For convenience, Annex A to this Memorandum contains a summary of the key points). The second Annex to the Joint Declaration describes the terms of reference of the Joint Liaison Group (see paragraphs 18-23 below). The third Annex is concerned with the question of land leases, which are to be dealt with through the work
The of the Land Commission (see paragraphs 24 and 25 below). associated Exchange of Memoranda is discussed in greater detail in the section of this Memorandum on nationality (paragraphs 54-59
below).
VI:
Hong Kong since the signing of the Joint Declaration: the
Economy
15. As indicated earlier, while the question of Hong Kong's future remained unresolved, Hong Kong faced the prospect of a gradual erosion of confidence and a decline in its prosperity. By the early 1980s, and in particular in the initial phase of the negotiations in
Fears which 1983, Hong Kong's economic prospects looked uncertain. surfaced during the negotiations added to the uncertainty, and exacerbated a situation characterised by a serious weakening in the international position of the Hong Kong dollar, volatility in the Hong Kong stock market, and a slump in property prices and investment. The nadir was reached in September 1983, when fears of an imminent breakdown in the negotiations led to a sharp fall in the value of the Hong Kong dollar.
16.
Since the signing of the Joint Declaration, Hong Kong has again enjoyed rapid economic growth. In the past three years the average
rate of growth has been over 10 per cent per annum. 6 per cent is expected this year.
Growth of about
The link between the Hong Kong
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