Hong Kong To Witness Last Sunset Under British Rule Today

Communist China will receive intact one of the most powerful financial centres in the world this week when Britain surrenders Hong Kong, its last major colonial outpost.

Home to 6.4 million people, Hong Kong was seized by Britain in 1841 as a safe-haven for opium traders and became a financial powerhFor the departing colonial rulers the moment is packed with emotion. Chris Patten, the 28th and last British governor, had to wipe a tear from his eye during one reception.

The ceremonies reach their finale at 9.30 (IST) tonight when Prince Charles yields the fiercely capitalist and wealthy colony to Chinas President Jiang Zemin in Britains most significant colonial surrender since India in 1947.

 

As a Chinese, I am proud to see the closing of the colonial era, which began with pain and ends with pomp and pageantry, said lawmaker David Chu at the final session of the colonial assembly on Saturday.

Dazzling rival fireworks displays will light up Hong Kong, one to say farewell and the other to celebrate reunification on Monday, and 4,000 guests will join the gala handover ceremonies.

For Beijing, that moment erases 156 years of national shame and reintegrates into the mainland a financial centre which is expected to vigorously promote Chinas economic development.

Hong Kong industrialists have already moved aggressively into southern China for their manufacturing needs, setting up operations which employ an estimated five million Chinese.

Since 1979, when Chinas late paramount leader Deng Xiaopingopened up the country of 1.2 billion people and its economy to the world, foreign investment has soared to nearly $100 billion. Two out of every three dollars has come through Hong Kong.

Diplomats and bankers have said the reintegration of Hong Kong into China will speed regional economic development, and accelerate the infrastructure projects which go with it.

Despite concerns among many over Chinas decision to curb democratic reforms introduced in the twilight of British rule, the Hong Kong business community is riding a wave of optimism and sees the transfer bringing even greater wealth.

The Hang Seng share index soared in the run-up to the June 30 handover and finished on Friday at an all-time closing high of 15,196.79 points. Land and rent prices, already astronomical, have risen even further as Chinese rule approaches and there has been no sign of panic flights of capital or people which have occurred at times in the past.

Diplomats and bankers have said that the only cloud on Hong Kongs horizon is the shadow cast by Beijing over the territory and how heavy a hand it will try to play in internal affairs.