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IV. PUBLIC SERVICE
Public servants and members of judiciary previously serving in H.K.
After the establishment of the Hong Kong Special Administrative Region,
public servants previously serving in Hong Kong in all government departments,
including the police department, and members of the judiciary may all remain
in employment and continue their service with pay, allowances, benefits
and conditions of service no less favourable than before. The Hong Kong
Special Administrative Region Government shall pay to such persons who retire
or complete their contracts, as well as to those who have retired before
1 July 1997, or to their dependants, all pensions, gratuities, allowances
and benefits due to them on terms no less favourable than before, and irrespective
of their nationality or place of residence.
Foreign nationals in public service
The Hong Kong Special Administrative Region Government may employ British
and other foreign nationals previously serving in the public service in
Hong Kong, and may recruit British and other foreign nationals holding permanent
identity cards of the Hong Kong Special Administrative Region to serve as
public servants at all levels, except as heads of major government departments
(corresponding to branches or departments at Secretary level) including
the police department, and as deputy heads of some of those departments.
The Hong Kong Special Administrative Region Government may also employ British
and other foreign nationals as advisers to government departments and, when
there is a need, may recruit qualified candidates from outside the Hong
Kong Special Administrative Region to professional and technical posts in
government departments. The above shall be employed only in their individual
capacities and, like other public servants, shall be responsible to the
Hong Kong Special Administrative Region Government.
Appointment and promotion of public servants
The appointment and promotion of public servants shall be on the basis of
qualifications, experience and ability. Hong Kong's previous system of recruitment,
employment, assessment, discipline, training and management for the public
service (including special bodies for appointment, pay and conditions of
service) shall, save for any provisions providing privileged treatment for
foreign nationals, be maintained.
V. FINANCE
Budget
The Hong Kong Special Administrative Region shall deal on its own with financial
matters, including disposing of its financial resources and drawing up its
budgets and its final accounts. The Hong Kong Special Administrative Region
shall report its budgets and final accounts to the Central People's Government
for the record.
Taxation and public expenditure
The Central People's Government shall not levy taxes on the Hong Kong Special
Administrative Region. The Hong Kong Special Administrative Region shall
use its financial revenues exclusively for its own purposes and they shall
not be handed over to the Central People's Government. The systems by which
taxation and public expenditure must be approved by the legislature, and
by which there is accountability to the legislature for all public expenditure,
and the system for auditing public accounts shall be maintained.
VI. ECONOMIC SYSTEM
Economic and trade system.
Ownership of property
The Hong Kong Special Administrative Region shall maintain the capitalist
economic and trade systems previously practised in Hong Kong. The Hong Kong
Special Administrative Region Government shall decide its economic and trade
policies on its own. Rights concerning the ownership of property, including
those relating to acquisition, use, disposal, inheritance and compensation
for lawful deprivation (corresponding to the real value of the property
concerned, freely convertible and paid without undue delay) shall continue
to be protected by law.
Free port and free trade policy
The Hong Kong Special Administrative Region shall retain the status of a
free port and continue a free trade policy, including the free movement
of goods and capital. The Hong Kong Special Administrative Region may on
its own maintain and develop economic and trade relations with all states
and regions.
Customs territory.
GATT
The Hong Kong Special Administrative Region shall be a separate customs
territory. It may participate in relevant international organisations and
international trade agreements (including preferential trade arrangements),
such as the General Agreement on Tariffs and Trade and arrangements regarding
international trade in textiles. Export quotas, tariff preferences and other
similar arrangements obtained by the Hong Kong Special Administrative Region
shall be enjoyed exclusively by the Hong Kong Special Administrative Region.
The Hong Kong Special Administrative Region shall have authority to issue
its own certificates of origin for products manufactured locally, in accordance
with prevailing rules of origin.
Trade missions
The Hong Kong Special Administrative Region may, as necessary, establish
official and semi-official economic and trade missions in foreign countries,
reporting the establishment of such missions to the Central People's Government
for the record.
VII. MONETARY SYSTEM
Previous monetary and financial systems
The Hong Kong Special Administrative Region shall retain the status of an
international financial centre. The monetary and financial systems previously
practised in Hong Kong, including the systems of regulation and supervision
of deposit taking institutions and financial markets, shall be maintained.
Monetary and financial policies
The Hong Kong Special Administrative Region Government may decide its monetary
and financial policies on its own. It shall safeguard the free operation
of financial business and the free flow of capital within, into and out
of the Hong Kong Special Administrative Region. No exchange control policy
shall be applied in the Hong Kong Special Administrative Region. Markets
for foreign exchange, gold, securities and futures shall continue.
Hong Kong dollar
The Hong Kong dollar, as the local legal tender, shall continue to circulate
and remain freely convertible. The authority to issue Hong Kong currency
shall be vested in the Hong Kong Special Administrative Region Government.
The Hong Kong Special Administrative Region Government may authorise designated
banks to issue or continue to issue Hong Kong currency under statutory authority,
after satisfying itself that any issue of currency will be soundly based
and that the arrangements for such issue are consistent with the object
of maintaining the stability of the currency. Hong Kong currency bearing
references inappropriate to the status of Hong Kong as a Special Administrative
Region of the People's Republic of China shall be progressively replaced
and withdrawn from circulation.
Exchange Fund
The Exchange Fund shall be managed and controlled by the Hong Kong Special
Administrative Region Government, primarily for regulating the exchange
value of the Hong Kong dollar.
VIII. SHIPPING
Previous systems of shipping management and regulation
The Hong Kong Special Administrative Region shall maintain Hong Kong's previous
systems of shipping management and shipping regulation, including the system
for regulating conditions of seamen. The specific functions and responsibilities
of the Hong Kong Special Administrative Region Government in the field of
shipping shall be defined by the Hong Kong Special Administrative Region
Government on its own. Private shipping businesses and shipping-related
businesses and private container terminals in Hong Kong may continue to
operate freely.
Shipping registers and issue of certificates
The Hong Kong Special Administrative Region shall be authorised by the Central
People's Government to continue to maintain a shipping register and issue
related certificates under its own legislation in the name of 'Hong Kong,
China'.
Access to HKSAR ports
With the exception of foreign warships, access for which requires the permission
of the Central People's Government, ships shall enjoy access to the ports
of the Hong Kong Special Administrative Region in accordance with the laws
of the Hong Kong Special Administrative Region.
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