The 1990s in Hong Kong was defined by the 1984 Sino-British Joint Declaration, a statement that paved the way for a series of changes that would facilitate the transfer of sovereignty from the United Kingdom to the People's Republic of China (PRC). Economic History of Hong Kong From Queen Victoria to the Second World War Treaty of Nanking Kowloon Treaty Cession of the New Territories Shiping, Banking, Industry Sino-Japanese War Hong Kong After the War Chinas Civil War Communist Victory, HKs Isolation Benefits to the Mainland of HKs... Seven years after the first flight of a heavier-than-air controlled aeroplane in 1903, planes were already flying in Hong Kong. ... As of March 26, 2004, there are 79 declared monuments in Hong Kong. ... The history of China is detailed by historical records dating back to 1500 BC. China is one of the worlds oldest continuous major civilizations. ... This article needs to be updated. ... This article is about the year. ... 1984 (MCMLXXXIV) was a leap year starting on Sunday of the Gregorian calendar. ... The Sino-British Joint Declaration on the Question of Hong Kong ( Chinese: (Trad. ...

In 1997, the sovereignty of Hong Kong was transferred to the People's Republic of China. Colonial administration in Hong Kong was ended in June 30, 1997, and Hong Kong became a special administrative region of the PRC at midnight July 1. 1997 (MCMXCVII in Roman) is a common year starting on Wednesday of the Gregorian calendar. ... In 1982, the governments of the United Kingdom and the Peoples Republic of China (PRC) initiated talks regarding the sovereignty of Hong Kong, which led to the transfer of the sovereignty of Hong Kong. ... This article will detail the history of Colonial Hong Kong. ... June 30 is the 181st day of the year (182nd in leap years) in the Gregorian Calendar, with 184 days remaining. ... 1997 (MCMXCVII in Roman) is a common year starting on Wednesday of the Gregorian calendar. ... A Special Administrative Region (SAR) (Simplified Chinese: 特别行政区; Traditional Chinese: 特別行政區; pinyin: tèbié xíngzhèngqū; Cantonese IPA: /tɐk6piːt6 hɐŋ4tsɪŋ3kʰɵy1/; Jyutping: dak6bit6 hang4zing3keoi1; Yale: dahkbiht hàhngjingkeūi) is a political subdivision of the Peoples Republic of China. ... July 1 is the 182nd day of the year (183rd in leap years) in the Gregorian Calendar, with 183 days remaining. ...

Soon afterwards, the Asian financial crisis broke out and the economy of Hong Kong fell from its peak. The end of the 1990s found Hong Kong in a state of discontent. The Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ...

Politics

Before the handover

Flag of Hong Kong under British colonialism

Various mediating measures took place in the run-up to 1997 to prepare for the handover. Image File history File links Download high resolution version (1200x600, 23 KB) I created this image. ... Image File history File links Download high resolution version (1200x600, 23 KB) I created this image. ... 1997 (MCMXCVII in Roman) is a common year starting on Wednesday of the Gregorian calendar. ...

On April 4, 1990, the Hong Kong Basic Law was officially ratified as the constitutional document to be used, after the handover, of the Hong Kong Special Administrative Region (HKSAR). Cover of Index to the Basic Law The Basic Law of the Hong Kong Special Administrative Region of the Peoples Republic of China (中華人民共和國香港特別行政區基本法; or in short 香港基本法 or 基本法) serves as the constitutional document of Hong Kong. ...

Following the Tiananmen Square protests of 1989, citizens feard the Chinese government would not keep its promise of autonomy for Hong Kong, which had been guaranteed for 50 years by the Hong Kong Basic Law. To provide a lasting weight against intervention from the PRC, democratic measures were introduced. The first direct Legislative Council (LegCo) elections, for 18 out of the 57 seats, took place in 1991. All except one of these seats were won by pro-democracy candidates. The Unknown Rebel — This famous photo, taken by Associated Press photographer Jeff Widener, depicts a lone protester whose actions halted the progress of a column of advancing tanks for over half an hour. ... Cover of Index to the Basic Law The Basic Law of the Hong Kong Special Administrative Region of the Peoples Republic of China (中華人民共和國香港特別行政區基本法; or in short 香港基本法 or 基本法) serves as the constitutional document of Hong Kong. ... Legislative Council Building The Legislative Council of Hong Kong (立法會, abbreviated LegCo) is the legislature of the Hong Kong Special Administrative Region of the Peoples Republic of China. ...

Chris Patten was appointed as Governor in July 1992 after the loss of his seat as Member of Parliament for Bath in the British election, replacing David Wilson. Patten sought to increase democracy in Hong Kong before the handover through a series of measures that affected the election processes of both legislators and municipal officials. Lord Patten of Barnes The Right Honourable Christopher Francis Patten, Baron Patten of Barnes, CH, PC (born 12 May 1944) is a prominent British Conservative politician. ... A Member of Parliament, or MP, is a representative elected by the voters of an electoral district to a parliament; in the Westminster system, specifically to the lower house. ... For other uses, see Bath (disambiguation). ... The UK general election, 1992 was held on April 9, 1992, and was the fourth victory in a row for the Conservatives. ... David Clive Wilson, Baron Wilson of Tillyorn, KT (born February 14, 1935) was a British administrator, diplomat and Sinologist. ...

The Central Government reacted angrily and retaliated with attacks against Patten and threats to the careers of pro-democracy politicians and officials. It avoided cooperation on business contracts that went beyond 1997, though abandoned such an approach in 1994 when it approved the planned Chek Lap Kok Airport. In 1994, the PRC announced that it would terminate the LegCo following the handover and introduce a provisional legislative council, after Patten's proposal for the formation of the 1995 LegCo was passed in the council. The pro-democracy parties and independent members of the council, including the Democratic Party, denounced this provisional legislative council as illegal. The provisional legislative council operated before the handover from Shenzhen. Hong Kong International Airport Hong Kong International Airport (香港國際機場), popularly referred to as Chek Lap Kok Airport (赤鱲角機場 Pinyin: Chìliè Jiǎo, Red Perch Cape), is the international airport of Hong Kong. ... Legislative Council Building The Legislative Council of Hong Kong (立法會, abbreviated LegCo) is the legislature of the Hong Kong Special Administrative Region of the Peoples Republic of China. ... The Democratic Party (民主黨, Hanyu: mín zhÇ” dÇŽng, Jyutping: man zyu dong) is a pro-democracy and liberal political party in the Hong Kong Special Administrative Region of the Peoples Republic of China. ...

In 1996, the first Chief Executive, Tung Chee Hwa was elected in Beijing-controlled elections. 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ... The Chief Executive of the Hong Kong Special Administrative Region (Traditional Chinese: 香港特別行政區行政長官; Simplified Chinese: 香港特别行政区行政长官; Jyutping: hoeng1 gong2 dak6 bit6 hang4 zing3 keoi1 hang4 zing3 zoeng2 gun1; pinyin: XiÄ... Lo Mung Tung Lo Mung Tung (Traditional Chinese: 老懵董; Simplified Chinese: 白菜; Cantonese IPA: ; Jyutping: dung2 gin3 waa4; Mandarin Pinyin: DÇ’ng Jiànhuá) (July 7, 1937-December 8, 2005) was the first elected Chief Executive (July 1, 1997–March 12, 2005) of the Hong Kong Special Administrative Region of the People... (help· info) (IPA peiË© tɕɪŋ˦), a city in northern China, is the capital of the Peoples Republic of China (PRC). ...

The handover

Main article: Transfer of the sovereignty of Hong Kong

Flag of the Hong Kong SAR

At midnight on July 1, 1997, in the handover ceremony held at the new wing of the Hong Kong Convention and Exhibition Centre, Wan Chai North, the Union Jack and the flag of the Crown colony were lowered, and the flags of the Hong Kong Special Administrative Region and China were flown. This marked the transfer of sovereignty of Hong Kong from British colonial rule to Chinese rule. In 1982, the governments of the United Kingdom and the Peoples Republic of China (PRC) initiated talks regarding the sovereignty of Hong Kong, which led to the transfer of the sovereignty of Hong Kong. ... Image File history File links Flag_of_Hong_Kong. ... Image File history File links Flag_of_Hong_Kong. ... July 1 is the 182nd day of the year (183rd in leap years) in the Gregorian Calendar, with 183 days remaining. ... 1997 (MCMXCVII in Roman) is a common year starting on Wednesday of the Gregorian calendar. ... Hong Kong Convention and Exhibition Centre New Wing Harbour view of the Hong Kong Convention and Exhibition Centre New Wing The Hong Kong Convention and Exhibition Centre (香港會議展覽中心; often abbreviated as HKCEC or 會展) is a convention and exhibition venue in Wan Chai North, Hong Kong Island, the business hub of Hong... -1... Flag Ratio: 1:2 The United Kingdom of Great Britain and Northern Ireland uses as its national flag the Royal Banner commonly known as the Union Jack, or more properly Union Flag as it only becomes a Jack when flown at sea. ... The flag of the HKSAR Flag ratio: 2:3 The HKSAR and the PRC flags brandishing at the patio of the Legislative Council. ... The flag of the HKSAR Flag ratio: 2:3 The HKSAR and the PRC flags brandishing at the patio of the Legislative Council. ... This page meets Wikipedias criteria for speedy deletion. ...

Guests participated in the handover ceremony included HRH Prince Charles, President of the People's Republic of China Jiang Zemin, the last Hong Kong Governor Chris Patten, and Tung Chee Hwa, the first Chief Executive of Hong Kong SAR. The Prince of Wales The Prince Charles, Prince of Wales (Charles Philip Arthur George Mountbatten-Windsor) (born 14 November 1948), is the eldest son of Queen Elizabeth II and Prince Philip, Duke of Edinburgh. ... The President of the Peoples Republic of China (Chinese: 中华人民共和国主席 pinyin: Zhōnghuá Rénmín Gònghéguó Zhǔxí, or abbreviated Guojia-Zhuxi 国家主席) is the head of state of the Peoples Republic of China. ... Jiāng Zémín (born August 17, 1926) was the core of the third generation of Communist Party of China leaders, serving as General Secretary of the Communist Party of China from 1989 to 2002, as President of the Peoples Republic of China from 1993 to 2003, and... Lord Patten of Barnes The Right Honourable Christopher Francis Patten, Baron Patten of Barnes, CH, PC (born 12 May 1944) is a prominent British Conservative politician. ... Lo Mung Tung Lo Mung Tung (Traditional Chinese: 老懵董; Simplified Chinese: 白菜; Cantonese IPA: ; Jyutping: dung2 gin3 waa4; Mandarin Pinyin: Dǒng Jiànhuá) (July 7, 1937-December 8, 2005) was the first elected Chief Executive (July 1, 1997–March 12, 2005) of the Hong Kong Special Administrative Region of the People...

After the handover, Hong Kong officially became a special administrative region of the PRC, with the new post of Chief Executive, first held by Tung Chee Hwa, replacing and succeeding the former position of governor, last held by Chris Patten. The Chief Executive of the Hong Kong Special Administrative Region (Traditional Chinese: 香港特別行政區行政長官; Simplified Chinese: 香港特别行政区行政长官; Jyutping: hoeng1 gong2 dak6 bit6 hang4 zing3 keoi1 hang4 zing3 zoeng2 gun1; pinyin: XiÄ... Lo Mung Tung Lo Mung Tung (Traditional Chinese: 老懵董; Simplified Chinese: 白菜; Cantonese IPA: ; Jyutping: dung2 gin3 waa4; Mandarin Pinyin: DÇ’ng Jiànhuá) (July 7, 1937-December 8, 2005) was the first elected Chief Executive (July 1, 1997–March 12, 2005) of the Hong Kong Special Administrative Region of the People... The Governor of Hong Kong (香港總督) was a British official who ruled Hong Kong during the colonial period between 1841 and 1997 and was ex officio Commander-in-Chief and Vice-Admiral of Hong Kong. ... Lord Patten of Barnes The Right Honourable Christopher Francis Patten, Baron Patten of Barnes, CH, PC (born 12 May 1944) is a prominent British Conservative politician. ...

After the handover

The highest law in the special adminsitrative region is the Basic Law. It is the constitutional document of the territory which grants and guarantees a high degree of autonomy in Hong Kong whose people enjoy executive, legislative and independent judiciary powers. The Basic Law of the Hong Kong Special Administrative Region of the Peoples Republic of China serves as the constitutional document of Hong Kong. ...

Economy

The Hang Seng Index fell by 22.8 % in a week of 28 October 1997 after the real estate bubble economy collapsed, severely damaging the economy.

The Hang Seng Index (HSI) was volatile after the takeover. It rose from over 10,000 in the middle of 1996 to a height of 16,820.3 on August 7, 1997. Speculators bet that there would be an influx of hot money from Mainland China to boost the economy of Hong Kong. Any stock linked to the Chinese economy or which had successful dealings in China had great potential. The stockmarket crash of Hong Kong in 1998. ... The stockmarket crash of Hong Kong in 1998. ... Hang Seng Index (HSI, 恒生指數) is a capitalization-weighted stock market index in the Hong Kong Stock Exchange. ... October 28 is the 301st day of the year (302nd in leap years) in the Gregorian Calendar, with 64 days remaining. ... 1997 (MCMXCVII in Roman) is a common year starting on Wednesday of the Gregorian calendar. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... An economic bubble occurs when speculation in a commodity causes the price to increase, thus producing more speculation. ... Hang Seng Index (HSI, 恒生指數) is a capitalization-weighted stock market index in the Hong Kong Stock Exchange. ... Hot money is used in economics to refer to funds which flow into a country to take advantage of a favourable interest rate, and therefore obtain higher returns. ...

In July 1997, the Thai government's decision to float the Thai Baht triggered a currency crisis that spread throughout Asia. One by one, the New Taiwan Dollar, Korean Won, and Indonesian Rupiah tumbled in price. All the other Asian stock markets declined in value. The New Taiwan Dollar (新臺幣 or 新台幣; ISO 4217 code TWD; common abbreviation NT$), or simply Taiwan Dollar, is the currency of the Republic of China (Taiwan). ... This page provides the history and etymology of the currency name won. For the South Korean currency, see South Korean won. ... Sample of Rupiah banknote The rupiah is the monetary unit of Indonesia (currency code IDR). ...

Since the HSI looked so strong, the investors of Hong Kong were stubborn and did not realize the Hong Kong stock market was also vulnerable.

The Linked Exchange Rate System of the Hong Kong Dollar presented another vulnerability. Investors withdrew money from the Hong Kong banking sector, thus boosting interbank rates. Accordingly, the HSI dropped from 13,473 on October 20 to 10,426.2 on October 23. October 23, 1997 was regarded as a Black Friday as HSI once dived down to 9766.7. Linked exchange rate system is a type of exchange rate regime to link the exchange rate of a currency to another. ... The Hong Kong dollar (currency code HKD) is the currency of the Hong Kong Special Administrative Region of the Peoples Republic of China, and has been the currency of Hong Kong since 1937. ... October 23 is the 296th day of the year (297th in leap years) in the Gregorian Calendar, with 69 days remaining. ... 1997 (MCMXCVII in Roman) is a common year starting on Wednesday of the Gregorian calendar. ... Black Friday, September 24, 1869, was a financial panic in the United States caused by two speculators efforts to corner the gold market. ...

The HSI bottomed at 6544.79 on August 13, 1998, declining 62% from peak to bottom. To attempt to salvage the stock market of Hong Kong, the government injected HK$120 billion from the Exchange Fund to buy blue-chip HSI stocks.

The HSI rebounded to 8,000 level in about two weeks time and rose steadily in the coming year. The trend of HSI can be found here

Technology stock bubble

In 1999, Hong Kong stock market experienced further volatility. Technology stocks in American and European stock exchanges skyrocketed. There were large merger and acquisition deals between old-economy companies and new-economy companies, such as the AOL Time Warner merger. The phrase mergers and acquisitions or M&A refers to the aspect of corporate finance strategy and management dealing with the merging and acquiring of different companies as well as other assets. ... Time Warner Inc. ...

The tech stock whirlwind landed on Hong Kong as well. In the middle of 1999, Richard Li, son of Hong Kong tycoon Li Ka Shing, put his company, Pacific Century Cyberworks, on the Hong Kong Stock Exchange by back-door listing. Richard Li Tzar Kai (李澤楷 Pinyin: Lǐ Zékǎi) was born on 1966 in Hong Kong, the younger son of sucessful entrepeneur Li Ka-Shing. ... Li Ka-Shing (李嘉誠 pinyin: Lǐ Jiāchéng, Jyutping: Lei5 Gaa1-sing4, born July 29, 1928), is the wealthiest person in Hong Kong and East Asia. ... PCCW logo PCCW Limited (PCCW, 電訊盈科) is the largest telecommunication enterprise in Hong Kong. ...

Richard Li claimed that the company would inject the PPC (an interative TV project) to the listed company. The prestige of Richard Li as the son of "Superman Li" caused many retail investors to bid up the stock.

The share price of Pacific Century Cyberworks (stock code: 1186) rose from dozens of cents to its peak of $28.5 on the Valentine's Day of 2000. At the peak, it announced a merger with Hong Kong Telecom. PCCW Limited (PCCW, 電訊盈科) (NYSE: PCW) is the largest telecommunication enterprise in Hong Kong. ...

As the tech stock bubble burst in early 2000, the share price of the new merged company PCCW (stock code:8) dropped by 98% in the coming year. PCCW had negative equity (as a multi-billion write-off of goodwill) and suffered from HK$80 billion debt for a couple of years. PCCW had to sell its core business to Australian telecommunication company Telstra to ease its financial hardship. Negative equity is a term used in the housing market, usually following a general fall in property prices, to mean that the market value of a mortgaged house or flat is less than the amount outstanding on the loan used to purchase it. ... Telstra Corporation ASX: TLS is an Australian telecommunications company under joint public/private ownership, holding a superdominant position in landline telephone services, large share of mobile phone services, domestic consumer (including dial-up access and broadband cable modem, satellite and ADSL services under the BigPond and Hypermax brands) and business...

Migration

Emigration

Before the handover, many Hong Kong residents were apprehensive of the future of Hong Kong as part of a communist state, which had cracked down on a student-led democratic movement in 1989. In 1990, the outflow of people reached a peak of 62,000 people in that year, or about 1 % of the population. It was 66,000 in 1992, 53,000 in 1993, and 62,000 in 1994.

Many renowned tycoons in Hong Kong, such as the Shaw family, left Hong Kong for fear of adverse effects to the economy after the handover to communist PRC rule. Many Hongkongers left Hong Kong and emigrated to Britain through the British Nationality Selection Scheme. Besides migrating to Britain, comparable numbers of families moved to Australia, Canada, and the United States. A business magnate, sometimes referred to as a mogul or a tycoon, is a person who controls a large portion of a particular industry and whose wealth derives primarily from said control. ... // Overview The Shaw Studio (邵氏片場), owned by Shaw Brothers (HK) Ltd. ... Communism - Wikipedia /**/ @import /w/skins-1. ... Hongkonger or Hong Konger is a term referring to residents of Hong Kong, regardless of their ethnicity, citizenship or nationality. ... Section 1(1) of the British Nationality (Hong Kong) Act 1990 gave the Home Secretary the power to register as British citizens up to 50,000 persons (heads of families) recommended to him by the Governor of Hong Kong. ...

Immigration

The outflow of people was counter-balanced by a strong inflow of people from the following sources:

• Legal immigrants from mainland China - The quota for legal immigrants from mainland China was gradually increased from 75 to 105 immigrants per day in 1994, and 150 in 1995. The increase in the daily quota aimed at regulating the flow and preventing a sudden influx after the handover.

• Foreign professionals - These were people who came to Hong Kong with employment visas. They were not subject to quota restrictions with an exception made for the professionals from mainland China.

• Foreign domestic workers - The number of foreign domestic workers increased steadily. It grew from less than 9,000 per year before 1987 to 28,000 in 1992 and 32,000 in 1993. The majority of them were women from the Philippines, with substantial numbers of people from Indonesia and Thailand.

• Imported labour - With a sharply declining fertility rate, an aging population, and a growing economy, Hong Kong faced a shortage of labour in the second half of the 1980s. The government began to introduce labour importation schemes which allow employers to apply for permits to bring in technicians, craftsmen and operators. In 1994, a total of 11,000 places were made accessible.

• Illegal immigrants -A total of 35,500 illegal immigrants from mainland China were arrested and deported in 1994. The number had decreased to about 44,000 in 1993.

• Returnees - The official estimate of people who have returned to Hong Kong after acquiring foreign passports or residence rights is about 12 %.

It has been suggested that servant (domestic) be merged into this article or section. ... The term Hong Kong Returnee refers to a resident of Hong Kong who emigrated to another country, lived for an extended period of time in his or her adopted home, and then subsequently moved back to Hong Kong. ...

Entertainment

From 1991 to 1998, a small group, who became known as the 'Four Celestial Kings' were dominating the music market. They were: Jacky Cheung, Andy Lau, Leon Lai and Aaron Kwok. In the early stages in their career, Jacky Cheung and Leon Lai sang songs with Japanese melodies, but in the early to mid-1990s there was a public call for originality in local music. In 1993, the radio broadcasting company Commercial Radio, announced that it would play only locally-written music. The purpose was to encourage local musicians to write their own lyrics. Mark Lui was a popular composer by the late 1990s. Commercial Radio Hong Kong is one of the two commercial radio broadcasting company in Hong Kong (the other being Metro Radio). ... Mark Lui (雷頌德) is a renowned composer and producer based in Hong Kong. ...

After 1997, popular music and television incorporated ingredients from Taiwan and mainland China to a bigger impact than before. An example of this was the television drama titled My Fair Princesses. It was produced in Taiwan and starred mainland actress Vicky Zhao. The television drama was broadcast in Hong Kong in 1999 by Asia’s Television’s Home Channel and became popular among the Chinese diaspora worldwide. The theme song from the drama was "A Lovely Girl" sung by Vicky Zhao in Mandarin. Another example of a popular mainland pop star was Faye Wong. She was born in Beijing and began singing in Cantonese, but later sang in both Mandarin and Cantonese as her career grew. Overseas Chinese (華僑 in pinyin: huáqiáo, or 華胞 huábāo, or 僑胞 qiáobāo, or 華裔 huáyì) are ethnic Chinese people who live outside of China. ... Mandarin, or Guanhua (Traditional Chinese: 官話; Simplified Chinese: 官话; Hanyu Pinyin: ; literally official speech), or Beifanghua (Chinese: 北方方言; Hanyu Pinyin: ; literally Northern Dialect(s)) is a category of related Chinese dialects spoken across most of northern and southwestern China. ... (help· info) (IPA peiË© tɕɪŋ˦), a city in northern China, is the capital of the Peoples Republic of China (PRC). ... This article is on all of the Yue dialects. ...

The Hong Kong film industry underwent several changes in the 1990s, especially with the emergence of the mo lei tau culture, which became synonymous with comedian Stephen Chow. Some critics said that the filmmakers were making those films in order to alleviate the tension in Hong Kong society due to concern about the handover. The history of Chinese-language cinema has three separate threads of development: Cinema of Hong Kong, Cinema of China and Cinema of Taiwan. ... Mo lei tau (無厘頭, Jyutping: mo4 lei4 tau4), loosely translated as makes no sense, is a type of comedy typified by Stephen Chows movies. ... Stephen Chow (traditional Chinese : 周星馳 ; simplified Chinese : 周星驰; Cantonese Romanization: Chow Sing Chi ; pinyin : Zhōu XÄ«ngchí) (born June 22, 1962) is a highly popular Hong Kong actor and director, whose expertise in the comedic field led him to be dubbed the king of comedy by the Hong Kong entertainment media. ...

External links

• Hong Kong Tourism Board: Discover Hong Kong website
• Office of Public Sector Information: British Nationality (Hong Kong) Act 1990 (c. 34)
• UNESCO: Migration Issues in the Asia Pacific
• Asian Research: Hong Kong's current issues
• Asian Research: Beijing handles Hong Kong's politics
• Asian Research: Foreign investment in Hong Kong