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In a part of town there was a carnival atmosphere In another a somber rally and march followed by a candlelight vigil Itss clear that one year before China takes control the people of Hong Kong are divided in their feelings A period of more than 150 years of British colonial rule ends at midnight on June 30 1997 when Hong Kong and its 6000000 people will be handed over to ChinaDespite a warning that they will not be allowed to enter China seven elected Hong Kong officials vowed to go ahead with a trip to Beijing They will be carrying a 50000 signature petition protesting Chinas plans to replace the legislature with an appointed body We are afraid that our free lifestyles the rule of law will not be preserved after 1997 pro democracy legislator Emily Lau told the cheering clapping crowd Governor Chris Patten urged Hong Kong residents to standup for their freedoms Next years handover is predicated on a promise by Chinas Communist leaders to keep Hong Kong highly autonomous and Capitalist under the Slogan One Country two SystemsThe handover to China of Hong Kong also effects Chinas reputation and economic stability because if China loses the prosperity and stability of Special Administrative Region SAR Chinas own credibility will be underminedBut it is inevitable that Hong Kong after the revision to China sovereignty will come under the dominant influence of China that the business environment will become more Chinese Hong Kong is rapidly merging with Guangdong Providence economically Deeper ties are certain to produce far reaching structural changes in the Hong Kong economy how to handle them will be one of the largest tasks for the new SAR governmentFrom a financial perspective Hong Kong will shift to a Chinese style rules in all its business dealings This means that greater emphasis will be placed on guanxi or connections over the rule of law Such emphasis may raise questions about whether Hong Kong
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