Hong Kong Celebrates First Anniversary of Handover

Strategic Insights -

China's President Jiang Zemin arrived in Hong Kong yesterday to attend the first anniversary celebrations of the territory's handover, a milestone that has boosted China's reputation as a reliable global partner. Despite Hong Kong's economic struggles, the anniversary serves as a reminder of the territory's new status as a Special Administrative Region of China. The celebrations will be more subdued this year, with a reported budget of $HK10 million, a significant drop from last year's $HK250 million extravaganza.

Key Takeaways:

  • China's handling of Hong Kong has won praise from Western governments and grudging respect from its foes in Hong Kong, who acknowledge that changes have been relatively small.
  • The handover has boosted China's prestige as a reliable global partner, despite Hong Kong's economic struggles.
  • The new Chek Lap Kok airport will be officially opened by President Jiang, with US President Clinton expected to visit just hours later.
  • The airport's opening marks the end of an era for Kai Tak airport, which has been in service for 73 years.
  • The anniversary celebrations will be a reminder of Hong Kong's new status as a Special Administrative Region of China.
  • Hong Kong's economic power has kept it immune from recessionary trends, but it is now being dragged into recession along with much of the region.
  • President Jiang's visit is seen as a gesture of China's commitment to allowing Hong Kong to run its own affairs.
  • The handover has been marked by relatively small changes, with China largely respecting Hong Kong's autonomy.

Statistics:

  • The anniversary celebration will cost $HK10 million, a significant drop from last year's $HK250 million.
  • Kai Tak airport will close on Sunday night after 73 years in service.
  • The new Chek Lap Kok airport is set to be officially opened by President Jiang.
  • US President Clinton is expected to visit Chek Lap Kok airport just hours after President Jiang.

Sources:

  • "Hong Kong: China's President Jiang Zemin arrived here last night to help the territory celebrate the first anniversary of its handover", AFP, 1998.