TNAG-2048-FCO40-2918-Visits-by-members-of-the-Office-of-the-Members-of-the-Execut-1990 — Page 49

The Future: Constitutional Development

The British Government has agreed to restore sovereignty over Hong Kong, a colony since 1841, to China on 1 July 1997, when the lease on most of Kowloon and the New Territories expires.

The Sino-British Joint Declaration (an international agreement registered with the United Nations) guarantees the preservation of Hong Kong's current economic, social, legal, administrative and judicial systems for a period of fifty years beyond 1997 and guarantees a high degree of autonomy for the territory:

The Hong Kong Special Administration Region will be run by Hong Kong people and will:

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enjoy a high degree of autonomy except in foreign and

defence affairs;

be vested with executive, legislative and independent

judicial powers;

have a legislature constituted by elections;

have independent finances with no external taxes imposed; maintain and develop economic and cultural relations with other states, regions and international organisations; issue its own travel documents;

administer its own police force.

have its own government composed of local inhabitants;

have a Chief Executive selected by election or through consultation;

pursue current social and economic systems for a further 50 years;

retain the status of a free port and a separate customs territory;

retain the status of an international financial centre with the Hong Kong dollar continuing to circulate and remaining freely convertible;

The Basic Law will define the political institutions and the rights and freedoms of the people of Hong Kong after 1997.

A faster pace of democratisation than envisaged in 1988 for 1991 will be introduced, although the subsequent programme falls short of Hong Kong's hopes with directly elected seats, out of a legislature of 60 seats, as follows::

19: 18 seats (30%) 1995 (1997): 20 seats (33%)

1999: 24 seats (40%)

2003: 30 seats (50%)