convertible currency, and the right of the Hong Kong authorities to manage the Exchange Fund (which provides the backing for the note issue and is used to regulate the exchange value of the currency).
Section VIII: Shipping
This section preserves Hong Kong's position as a major shipping centre by providing for the continuation of the existing systems of shipping management and regulations. It stipulates that Hong Kong will have its own Shipping Register, and provides that merchant shipping will have free access to Hong Kong ports.
Section IX: Civil Aviation
This Section provides for the maintenance of Hong Kong's role as a major centre of regional and international air services. An important provision is that all scheduled air services touching the
Hong Kong SAR which do not touch the mainland of China will be
regulated by separate agreements concluded by the SAR Government. The SAR Government will be given specific authorisation by the Central People's Government to negotiate its own air services
arrangements and other bilateral air service arrangements. It will enjoy autonomy in many civil aviation matters (e.g. airlines, maintaining, its own aircraft register).
Section X: Culture and Education
licensing local
This section makes clear that Hong Kong will continue to be able to operate its own distinct system of education separately from that in other parts of China. It ensures that Hong Kong will continue to
enjoy a varied cultural and intellectual life after 1997.
Section XI: External Relations
The importance of this section is that it brings out the fact that, while defence and foreign affairs are the responsibility of the Central People's Government, the Hong Kong SAR will manage on its own certain aspects of its external relations. In particular, in
the SAR would be able, authorised as necessary by the CPG, to
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