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the community to this large Fund, the ultimate use of which is unknown. It will ensure public scrutiny of the Fund and ensure that the Fund is put to "proper" public use in Hong
Kong.
3. I am not aware of anything in the Joint Declaration or Basic Law which could be used by the Chinese to argue against this approach. Indeed, to counter Chinese assertions that HKG will be unwisely or wrongly running deficits in the 1990's, HKG could argue that the Fund
represents deferred revenue. infact make out a case for borrowing, to be repaid after
1997, on the strength of deferred revenue that will be available post-1997 from land sales pre-1997?
I wonder whether HKG could
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M V Stone
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