The time has come to say goodbye to the queen
Fifteen years before the expiry of the 99 years lease, in 1982, the British government, led by Margaret Thacher, started to think seriously about Hong Kong's future under Chinese rule. One of the ideas that came about was to give the New Territories back to China and to retain the colony's original parts: Hong Kong Island and Kowloon.
This idea was ruled out both because the colony's original size was too small for Hong Kong to sustain itself and also because the international community (and China in particular) never recognized Britain's rule over Hong Kong as legitimate.
However, despite of being a bad idea, it still played a role in the discussions which took place between the governments of Britain and China during the early 1980s and, eventually, an agreement that pleased all sides was achieved.
The agreement, known as The Sino-British Joint Declaration, was signed in Beijing on 19th December, 1984 and assured that Hong Kong will not be affected by the transition for a period of 50 years, after the date of handover.
In accordance with the "One Country, Two Systems" Principle, agreed between the UK and China, Hong Kong became a special administrative region (SAR) within China and was granted vast autonomic rights that enabled its capitalist system and way-of-life to remain unchanged.
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The Sino-British Joint Declaration was signed between Britain and China in1984 and accepted the "One Country, Two Systems" principle, which assured that Hong Kong will be granted vast autonomic rights and not be affected by the transition for a period of 50 years, after the date of handover
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The principles of the Sino-British Joint Declaration were later on stipulated in the Hong Kong basic law that serves as the constitutional document of Hong Kong.
In theory, The Government in Beijing should only be responsible for matters of national security and foreign affairs while other matters should be handled by the local government. In practice, However, China's interference in Hong Kong internal affairs is much greater but, nevertheless, the agreement is honored (in general) and Hong Kong enjoys its autonomy.
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On July 1, 1997 Hong Kong was handed over to the People's Republic of China by the United Kingdom.
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The transfer of sovereignty was fairly smooth, with no significant incidents. However, The last few years before the transition were not always as smooth... The violent events that took place in Beijing's Tiananmen Square, in 1989, raised concerns among Hong Kongers and many of them started to doubt China's commitment to keep the colony free and autonomous.
Many local residents preferred to migrate, rather than to put their trust in China and long queues were seen in front of foreign embassies.
In order to restore confidence among Hong Kong's populace and to halt the wave of emigration, the government launched the huge "Rose Garden Project" that included the construction of the new, ultra-modern airport and the new seaport. Hoping to proof to the locals that the territory's future is bright, almost like a garden of roses...
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A "Garden of roses" or an extravagant waste of money ?
In order to enhance the residents' confidence in the future of Hong Kong, just before the handover, the colonial British government ventured into the huge "Rose Garden Project" which included the construction of the new, ultra-modern airport and the new seaport... Although the project gave a lot of pride to the people of Hong Kong, it also left them with a lot less money...
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In 1992, Chris Patten was appointed as the last governor of Hong Kong. This was regarded as a turning point in Hong Kong's history. Unlike his predecessors, Patten was not a diplomat, but a career politician that had no experience in Asia. He introduced vast democratic reforms that vexed the government in Beijing and pushed China-British relations to a standstill which affected the negotiations for a smooth handover. A lot of diplomacy was needed to cool down the emotions...
Post-handover years were not easy either. The Asian financial crisis affected the city badly and the outbreak of SARS, in 2003, caused a significant damage to the tourism industry. Nevertheless, Hong Kong's economy got back on its feet, tourists returned and the prosperous metropolis offers its residents very high standard of living.
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What will Hong Kong's future look like? Will the prosperity continue or is it just a bubble that will burst one day ? No one can answer this question unequivocally... On one hand, the territory's future looks promising: Real estate prices are soaring, banking and tourism are doing extremely well and China is keeping its commitments.
Moreover, with China's political and economic reforms, the gaps between Hong Kong and China are likely to minimize by the end of the 50 years period.
On the other hand, since the 1997 handover Hong Kong's economic future became far more exposed to the challenges of economic globalization competition, directly from mainland China.
Shanghai, in particular, has a geographical advantage and a municipal government that is capable of turning the city into China's main economic center by as early as 2010. The target is to allow Shanghai to catch up with New York by 2040-2050, with the eventual projection that China will be Asia's most prosperous economy by 2040.
Shanghai is already becoming an important regional hub and hosts many trade fairs, exhibitions and international events.
