Transfer of sovereignty over Hong Kong

On 1 July 1997, the transfer of sovereignty from United Kingdom to the People's Republic of China occurred, officially ending 156 years of British colonial rule. Hong Kong became China's first special administrative region, and Tung Chee Hwa took office as the first Chief Executive of Hong Kong. That same year, Hong Kong suffered an economic double blow from the Asian financial crisis and the H5N1 avian influenza.[41]

In 2003, Hong Kong was severely affected by the outbreak of severe acute respiratory syndrome (SARS).[48] The World Health Organization reported 1,755 infected and 299 deaths in Hong Kong. An estimated of 380 million Hong Kong dollars (US$48.9 million) in contracts were lost as a result of the epidemic.[49]

Today, Hong Kong continues to serve as an important global financial centre, but faces uncertainty over its future due to the growing mainland China economy, and its relationship with the PRC government in areas such as democratic reform and universal suffrage

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