Word: hong
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Dates: during 1980-1989
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...classic British understatement: the two had just initialed a joint declaration that defines in detail the terms under which China will recover sovereignty over the crown colony of Hong Kong in 1997, when Britain's 99-year lease on more than 90% of the territory expires. Two years and two days after China and Britain began the contentious bargaining process, both countries could join at last in a common sigh of relief: the Chinese because they had re-established their claim to the opulent, gold-plated trophy of Hong Kong, just in time to help make their National...
There was less euphoria, however, among the 5.5 million residents of the bustling city-state, who had been compelled to look on helplessly as the two governments negotiated their future. Under the new agreement, in 1997 Hong Kong will become a "Special Administrative Region of the People's Republic of China," with "a high degree of autonomy." But for all their celebrated ingenuity and adaptability, the Hong Kong Chinese fear that their new, sometimes draconian Communist motherland might either crush or mishandle the community's laissez-faire capitalist system. In the words of James McGregor, director...
...page treaty released last week helped allay at least some of those misgivings. It proved to be a virtual bill of rights outlining almost every feature of post-1997 Hong Kong from its life style to its bank notes. The Special Administrative Region, it declared, will be ruled by Peking only in matters of defense and foreign affairs. The thriving city-state will have its own executive, legislative and judicial powers. Its free port and international banking system will remain intact, as will the market for foreign exchange and gold that has turned Hong Kong into the world...
...experiment will be unique in the annals of Communism's relations with capitalism. After nearly two years of negotiations, the governments of Britain and China last week completed a draft agreement that will end British rule in Hong Kong and launch a local government that, while being part of Communist China, will be based on private enterprise. Under the terms of the accord, to be initialed in Peking this week, Britain will continue to administer the thriving capitalist enclave until 1997. But in 1988 a 13-year transition period will begin during which a "joint liaison committee," selected...
...five panelists agreed that the issues of the economic future of capitalist Hong Kong and the question of Taiwanese sovereignty will substantially help determine the future of relations between the United States and China...