Article & Paragraph
Heading of Section I, Chapter V
Art. 107, Para. 2
Art. 109, Para. 1
Art. 118
Art. 122
Art. 123
Original English text of the draft BL
"Public Finance, Monetary Affairs
"The Hong Kong Special Administrative Region shall, taking the low tax policy previously pursued in Hong Kong as reference, enact laws on
...
"I
"The monetary and financial systems of the Hong Kong Special Administrative Region shall be prescribed by law."
"... shall formulate appropriate policies to promote services
"
.. they shall be dealt with in accordance with laws and policies formulated by ..."
"The Hong Kong Special Administrative Region shall maintain ..., including the system of management concerning
seamen.
COMMER
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Suggested text
"Finance, Monetary Affairs ..."
"The Hong Kong Special Administrative Region shall, taking account of the low tax policy previously pursued in Hong Kong, enact laws on
"The monetary and financial systems of the Hong Kong Special Administrative Region shall be provided for by law."
Feat
•needs change to Chiese "... shall decide appropriate policies to promote the service sector
"1
...
...
10
#
they shall be dealt with in accordance with the laws and policies formulated by ...'
"The Hong Kong Special Administrative Region shall maintain ..., including the system for regulating conditions of seamen.
11
Remarks
This Section deals not only with public finance, but also the financial system in general.
Style
"Prescribed by law" suggests a more rigid legal requirement on the financial and monetary systems than what is permitted under HK's existing policies.
Consistency and style
Style
The Chinese text is drawn on the first sentence of Section VIII of Annex I to the JD. The English text should therefore also adhere to the language of the JD.
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Private notes are available after approval.