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HONG KONG: THE REVERSION OF SOVEREIGNTY IN 1997
7. As a result of a Convention signed in Peking in June 1898,
the New Territories of Hong Kong were leased to Britain for 99
years. This means that 92% of the land area of Hong Kong must
revert to China when the lease expires in 1997. The remaining 8% is not economically viable on its own. The British
Government negotiated long and hard to ensure that Hong Kong
reverted to China in 1997 under an international agreement and
that this happened on the best possible terms for Hong Kong.
The destiny of Hong Kong is bound up with the destiny of China. This is the historical and geographical reality. Any
viable future for Hong Kong must depend on a successful and secure coexistence with China. That objective is enshrined in the Joint Declaration, signed in 1984.
It
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The Joint Declaration is a remarkably good agreement.
spells out the kind of future we want for Hong Kong, ie the continuation for at least 50 years of Hong Kong's capitalist system and way of life, with all its human rights and freedoms,
its laws and legal system, its own freely convertible currency
and its free port. In their report on Hong Kong, published in
June 1989, the Foreign Affairs Select Committee described the
Joint Declaration as "the best and surest treaty base for the future of Hong Kong".
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The firmest guarantee of any agreement is that it is based on common interests. China has a massive stake in Hong Kong's
continuing success both economically and politically. The
events in China in June 1989 have not changed that fact. The
Chinese leaders have repeatedly reaffirmed their commitment to the Joint Declaration and the concept of "one country, two
systems".
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