only be initiated if the two sides have reached a common view
concerning them.
D. The Chinese Government will adopt a positive attitude to
necessary and reasonable borrowing by the Hong Kong Government
to be repaid after 30 June 1997. If the total amount of debt to
be repaid after 30 June 1997 will not exceed HK Dollars
5 billion, the Hong Kong Government will be free to borrow as necessary while informing the Chinese Government. If the total
amount of such dett will exceed HK Dollars 5 billion such
borrowing will only proceed if a common view has been reached
concerning the proposal.
E. On the basis of the above understandings the Hong Kong
Government will plan its finances with the firm objective that
the fiscal reserves on 30 June 1997 to be left for the use of
the Hong Kong Special Administrative Region Government will not
be less than HK Dollars 25 billion.
F.
In order to facilitate the construction of the new airport
in Hong Kong there will be established an Airport Authority and
a Consultative Committee.
(i) The Airport Authority Ordinance will be modelled as far
as possible on the Mass Transit Railway Corporation Ordinance.
The Hong Kong Government will retain power to direct the Authority and responsibility for key areas of policy up to
30 June 1997. The Hong Kong Government will be willing to
consider and take into account views of the Chinese side when
the Hong Kong Government is drawing up the draft bill on the Authority.
(ii) The Hong Kong Government is willing to appoint a Hong Kong based individual from the Bank of China Group to sit as a
full member on the board of the Airport Authority. This member
mou.BACKBRIEF.JRB
SLM
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