Article 105

The Hong Kong Special Administrative Region shall, in accordance with law, protect the right of individuals and legal persons to the acquisition, use, disposal and inheritance of property and their right to compensation for lawful deprivation of their property.

Such compensation shall correspond to the real value of the property concerned at the time and shall be freely convertible and paid without undue delay.

第一百零五條

香港特別行政區依法保護私人和法人財產的取得、使用、處置和繼承的權利，以及依法徵用私人和法人財產時被徵用財產的所有人得到補償的權利。

徵用財產的補償應相當於該財產當時的實際價值，可自由兌換，不得無故遲延支付。

The ownership of enterprises and the investments from outside the Region shall be protected by law.

企業所有權和外來投資均受法律保護。

Article 106

The Hong Kong Special Administrative Region shall have independent finances.

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.

第一百零六條

香港特別行政區保持財政獨立。

香港特別行政區的財政收入全部用於自身需要，不上繳中央人民政府。

The Central People's Government shall not levy taxes in the Hong Kong Special Administrative Region.

中央人民政府不在香港特別行政區徵稅。

Article 107

The Hong Kong Special Administrative Region shall follow the principle of keeping the expenditure within the limits of revenues in drawing up its budget, and strive to achieve a fiscal balance, avoid deficits and keep the budget commensurate with the growth rate of its gross domestic product.

第一百零七條

香港特別行政區的財政預算以量入為出為原則，力求收支平衡，避免赤字，並與本地生產總值的增長率相適應。

Article 108

The Hong Kong Special Administrative Region shall practise an independent taxation system.

第一百零八條

香港特別行政區實行獨立的稅收制度。

The Hong Kong Special Administrative Region shall, taking the low tax policy previously pursued in Hong Kong as reference, enact laws on its own concerning types of taxes, tax rates, tax reductions, allowances and exemptions, and other matters of taxation.

香港特別行政區參照原在香港實行的低稅政策，自行立法規定稅種、稅率、稅收寬免和其他稅務事項。

Article 109

The Government of the Hong Kong Special Administrative Region shall provide an appropriate economic and legal environment for the maintenance of the status of Hong Kong as an international financial centre.

第一百零九條

香港特別行政區政府提供適當的經濟和法律環境，以保持香港的國際金融中心地位。

Article 110

The monetary and financial systems of the Hong Kong Special Administrative Region shall be prescribed by law.

The Government of the Hong Kong Special Administrative Region shall, on its own, formulate monetary and financial policies, safeguard the free operation of financial business and financial markets, and regulate and supervise them in accordance with law.

第一百一十條

香港特別行政區的貨幣金融制度由法律規定。

香港特別行政區政府自行制定貨幣金融政策，保障金融企業和金融市場的經營自由，並依法進行管理和監督。

Article 111

The Hong Kong dollar, as the legal tender in the Hong Kong Special Administrative Region, shall continue to circulate.

The authority to issue Hong Kong currency shall be vested in the Government of the Hong Kong Special Administrative Region. The issue of Hong Kong currency must be backed by a 100 percent reserve fund. The system regarding the issue of Hong Kong currency and the reserve fund system shall be prescribed by law.

The Government of the Hong Kong Special Administrative Region may authorize 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.

第一百一十一條

港元為香港特別行政區法定貨幣，繼續流通。

港幣的發行權屬於香港特別行政區政府。港幣的發行須有百分之百的準備金。港幣的發行制度和準備金制度，由法律規定。

香港特別行政區政府，在確知港幣的發行基礎健全和發行安排符合保持港幣穩定的目的的條件下，可授權指定銀行根據法定權限發行或繼續發行港幣。

Article 112

No foreign exchange control policies shall be applied in the Hong Kong Special Administrative Region. The Hong Kong dollar shall be freely convertible. Markets for foreign exchange, gold, securities, futures and the like shall continue.

The Government of the Hong Kong Special Administrative Region shall safeguard the free flow of capital within, into and out of the Region.

第一百一十二條

香港特別行政區不實行外匯管制政策。港幣自由兌換。繼續開放外匯、黃金、證券、期貨等市場。

香港特別行政區政府保障資金的流動和進出自由。

Article 113

The Exchange Fund of the Hong Kong Special Administrative Region shall be managed and controlled by the government of the Region, primarily for regulating the exchange value of the Hong Kong dollar.

第一百一十三條

香港特別行政區的外匯基金，由香港特別行政區政府管理和支配，主要用於調節港元匯價。

Article 114

The Hong Kong Special Administrative Region shall maintain the status of a free port and shall not impose any tariff unless otherwise prescribed by law.

第一百一十四條

香港特別行政區保持自由港地位，除法律另有規定外，不徵收關稅。

Article 115

The Hong Kong Special Administrative Region shall pursue the policy of free trade and safeguard the free movement of goods, intangible assets and capital.

第一百一十五條

香港特別行政區實行自由貿易政策，保障貨物、無形財產和資本的流動自由。

Article 116

The Hong Kong Special Administrative Region shall be a separate customs territory.

The Hong Kong Special Administrative Region may, using the name "Hong Kong, China", participate in relevant international organizations 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, which are obtained or made by the Hong Kong Special Administrative Region or which were obtained or made and remain valid, shall be enjoyed exclusively by the Region.

第一百一十六條

香港特別行政區為單獨的關稅地區。

香港特別行政區可以"中國香港"的名義參加《關稅和貿易總協定》、關於國際紡織品貿易安排等有關國際組織和國際貿易協定，包括優惠貿易安排。

香港特別行政區所取得的和以前取得仍繼續有效的出口配額、關稅優惠和達成的其他類似安排，全由香港特別行政區享有。

Article 117

The Hong Kong Special Administrative Region may issue its own certificates of origin for products in accordance with prevailing rules of origin.

第一百一十七條

香港特別行政區根據當時的產地規則，可對產品簽發產地來源證。

Article 118

The Government of the Hong Kong Special Administrative Region shall provide an economic and legal environment for encouraging investments, technological progress and the development of new industries.

第一百一十八條

香港特別行政區政府提供經濟和法律環境，鼓勵各項投資、技術進步並開發新興產業。

Article 119

The Government of the Hong Kong Special Administrative Region shall formulate appropriate policies to promote and co-ordinate the development of various trades such as manufacturing, commerce, tourism, real estate, transport, public utilities, services, agriculture and fisheries, and pay regard to the protection of the environment.

第一百一十九條

香港特別行政區政府制定適當政策，促進和協調製造業、商業、旅遊業、房地產業、運輸業、公用事業、服務性行業、漁農業等各行業的發展，並注意環境保護。

Article 120

All leases of land granted, decided upon or renewed before the establishment of the Hong Kong Special Administrative Region which extend beyond 30 June 1997, and all rights in relation to such leases, shall continue to be recognized and protected under the law of the Region.

第一百二十條

香港特別行政區成立以前已批出、決定、或續期的超越一九九七年六月三十日年期的所有土地契約和與土地契約有關的一切權利，均按香港特別行政區的法律繼續予以承認和保護。

Article 121

As regards all leases of land granted or renewed where the original leases contain no right of renewal, during the period from 27 May 1985 to 30 June 1997, which extend beyond 30 June 1997 and expire not later than 30 June 2047, the lessee is not required to pay an additional premium as from 1 July 1997, but an annual rent equivalent to 3 per cent of the rateable value of the property at that date, adjusted in step with any changes in the rateable value thereafter, shall be charged.

第一百二十一條

從一九八五年五月二十七日至一九九七年六月三十日期間批出的，或原沒有續期權利而獲得續期的，超出一九九七年六月三十日年期而不超過二○四七年六月三十日的一切土地契約，承租人從一九九七年七月一日起不補地價，但需每年繳納相當於當日該土地應課差餉租值百分之三的租金。此後，隨應課差餉租值的改變而調整租金。

Article 122

In the case of old schedule lots, village lots, small houses and similar rural holdings, where the property was on 30 June 1984 held by, or , in the case of small houses granted after that date, where the property is granted to, a lessee descended through the male line from a person who was in 1898 a resident of an established village in Hong Kong, the previous rent shall remain unchanged so long as the property is held by that lessee or by one of his lawful successors in the male line.

第一百二十二條

原舊批約地段、鄉村屋地、丁屋地和類似的農村土地，如該土地在一九八四年六月三十日的承租人，或在該日以後批出的丁屋地承租人，其父系為一八九八年在香港的原有鄉村居民，只要該土地的承租人仍為該人或其合法父系繼承人，原定租金維持不變。

Article 123

Where leases of land without a right of renewal expire after the establishment of the Hong Kong Special Administrative Region, they shall be dealt with in accordance with laws and policies formulated by the Region on its own.

第一百二十三條

香港特別行政區成立以後滿期而沒有續期權利的土地契約，由香港特別行政區自行制定法律和政策處理。

Article 124

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 Government of the Hong Kong Special Administrative Region shall, on its own, define its specific functions and responsibilities in respect of shipping.

第一百二十四條

香港特別行政區保持原在香港實行的航運經營和管理體制，包括有關海員的管理制度。

香港特別行政區政府自行規定在航運方面的具體職能和責任。

Article 125

The Hong Kong Special Administrative Region shall be authorized by the Central People's Government to continue to maintain a shipping register and issue related certificates under its legislation, using the name "Hong Kong, China".

第一百二十五條

香港特別行政區經中央人民政府授權繼續進行船舶登記，並根據香港特別行政區的法律以"中國香港"的名義頒發有關證件。

Article 126

With the exception of foreign warships, access for which requires the special 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 Region.

第一百二十六條

除外國軍用船隻進入香港特別行政區須經中央人民政府特別許可外，其他船舶可根據香港特別行政區法律進出其港口。

Article 127

Private shipping businesses and shipping-related businesses and private container terminals in the Hong Kong Special Administrative Region may continue to operate freely.

第一百二十七條

香港特別行政區的私營航運及與航運有關的企業和私營集裝箱碼頭，可繼續自由經營。

Article 128

The Government of the Hong Kong Special Administrative Region shall provide conditions and take measures for the maintenance of the status of Hong Kong as a centre of international and regional aviation.

第一百二十八條

香港特別行政區政府應提供條件和採取措施，以保持香港的國際和區域航空中心的地位。

Article 129

The Hong Kong Special Administrative Region shall continue the previous system of civil aviation management in Hong Kong and keep its own aircraft register in accordance with provisions laid down by the Central People's Government concerning nationality marks and registration marks of aircraft.

Access of foreign state aircraft to the Hong Kong Special Administrative Region shall require the special permission of the Central People's Government.

第一百二十九條

香港特別行政區繼續實行原在香港實行的民用航空管理制度，並按中央人民政府關於飛機國籍標誌和登記標誌的規定，設置自己的飛機登記冊。

外國國家航空器進入香港特別行政區須經中央人民政府特別許可。

Article 130

The Hong Kong Special Administrative Region shall be responsible on its own for matters of routine business and technical management of civil aviation, including the management of airports, the provision of air traffic services within the flight information region of the Hong Kong Special Administrative Region, and the discharge of other responsibilities allocated to it under the regional air navigation procedures of the International Civil Aviation Organization.

第一百三十條

香港特別行政區自行負責民用航空的日常業務和技術管理，包括機場管理，在香港特別行政區飛行情報區內提供空中交通服務，和履行國際民用航空組織的區域性航行規劃程序所規定的其他職責。

Article 131

The Central People's Government shall, in consultation with the Government of the Hong Kong Special Administrative Region, make arrangements providing air services between the Region and other parts of the People's Republic of China for airlines incorporated in the Hong Kong Special Administrative Region and having their principal place of business in Hong Kong and other airlines of the People's Republic of China.

第一百三十一條

中央人民政府經同香港特別行政區政府磋商作出安排，為在香港特別行政區註冊並以香港為主要營業地的航空公司和中華人民共和國的其他航空公司，提供香港特別行政區和中華人民共和國其他地區之間的往返航班。

Article 132

All air service agreements providing air services between other parts of the People's Republic of China and other states and regions with stops at the Hong Kong Special Administrative Region and air services between the Hong Kong Special Administrative Region and other states and regions with stops at other parts of the People's Republic of China shall be concluded by the Central People's Government.

In concluding the air service agreements referred to in the first paragraph of this Article, the Central People's Government shall take account of the special conditions and economic interests of the Hong Kong Special Administrative Region and consult the government of the Region.

Representatives of the Government of the Hong Kong Special Administrative Region may, as members of the delegations of the Government of the People's Republic of China, participate in air service consultations conducted by the Central People's Government with foreign governments concerning arrangements for such services referred to in the first paragraph of this Article.

第一百三十二條

凡涉及中華人民共和國其他地區同其他國家和地區的往返並經停香港特別行政區的航班，和涉及香港特別行政區同其他國家和地區的往返並經停中華人民共和國其他地區航班的民用航空運輸協定，由中央人民政府簽訂。

中央人民政府在簽訂本條第一款所指民用航空運輸協定時，應考慮香港特別行政區的特殊情況和經濟利益，並同香港特別行政區政府磋商。

中央人民政府在同外國政府商談有關本條第一款所指航班的安排時，香港特別行政區政府的代表可作為中華人民共和國政府代表團的成員參加。

Article 133

Acting under specific authorizations from the Central People's Government, the Government of the Hong Kong Special Administrative Region may:

1. renew or amend air service agreements and arrangements previously in force;

2. negotiate and conclude new air service agreements providing routes for airlines incorporated in the Hong Kong Special Administrative Region and having their principal place of business in Hong Kong and providing rights for over-flights and technical stops; and

3. negotiate and conclude provisional arrangements with foreign states or regions with which no air service agreements have been concluded.

All scheduled air services to, from or through Hong Kong, which do not operate to, from or through the mainland of China shall be regulated by the air service agreements or provisional arrangements referred to in this Article.

第一百三十三條

香港特別行政區政府經中央人民政府具體授權可：

（一） 續簽或修改原有的民用航空運輸協定和協議 ;

（二） 談判簽訂新的民用航空運輸協定，為在香港特別行政區註冊並以香港為主要營業地的航空公司提供航線，以及過境和技術停降權利 ;

（三） 同沒有簽訂民用航空運輸協定的外國或地區談判簽訂臨時協議。

不涉及往返、經停中國內地而只往返、經停香港的定期航班，均由本條所指的民用航空運輸協定或臨時協議予以規定。

Article 134

The Central People's Government shall give the Government of the Hong Kong Special Administrative Region the authority to :

1. negotiate and conclude with other authorities all arrangements concerning the implementation of the air service agreements and provisional arrangements referred to in Article 133 of this Law;

2. issue licences to airlines incorporated in the Hong Kong Special Administrative Region and having their principal place of business in Hong Kong;

3. designate such airlines under the air service agreements and provisional arrangements referred to in Article 133 of this Law; and

4. issue permits to foreign airlines for services other than those to, from or through the mainland of China.

第一百三十四條

中央人民政府授權香港特別行政區政府：

（一） 同其他當局商談並簽訂有關執行本法第一百三十三條所指民用航空運輸協定和臨時協議的各項安排；

（二） 對在香港特別行政區註冊並以香港為主要營業地的航空公司簽發執照；

（三） 依照本法第一百三十三條所指民用航空運輸協定和臨時協議指定航空公司；

（四） 對外國航空公司除往返、經停中國內地的航班以外的其他航班簽發許可證。

Article 135

Airlines incorporated and having their principal place of business in Hong Kong and business related to civil aviation functioning there prior to the establishment of the Hong Kong Special Administrative Region may continue to operate.

第一百三十五條

香港特別行政區成立前在香港註冊並以香港為主要營業地的航空公司和與民用航空有關的行業，可繼續經營。