Hong Kong is the Mecca for bargain hunters, with shops in every corner of the streets that remain open everyday till late hours. It's a shoppers' paradise with bargains for electronic goods, fashion wear, cosmetics, antiques, and many others. It is also reputable for its culinary delights in Chinese and European cuisine, and its non-stop night life.  

It was a British dependency from 1842 until July 1, 1997. It then became a Special Administrative Region of China. Hong Kong will be allowed to keep its capitalist system for 50 years after 1997 according to an agreement between Britain and China which was signed, December 19, 1984.  

Hong Kong is known as a major center for trade and banking. Their major industries include textiles and apparel as well as tourism, shipbuilding, iron and steel, fishing, cement, and small manufactures. The spinning mills in Hong Kong are among the best in the world. Tung Chee-Hwa (a shipping magnate) was appointed as Hong Kong’s chief executive. A legislature appointed by China was appointed to replace Hong Kong’s Legislative Council. ( It had been elected by the democratic process since 1995. ) On July 1st the transfer of government was completed. There were elaborate celebrations throughout Hong Kong and China  

China’s attitude toward free-market economics came into sharp focus in 1997 with the end of the British lease on Hong Kong. Under Britain’s democratic and capitalist rule, Hong Kong enjoyed tremendous economic success. The return to Chinese administration evoked fears that democratic freedoms might be lost. A Sino-British agreement signed in 1984 states that Hong Kong will maintain most of its democratic systems and its capitalist economy for at least 50 years. Hong Kong returned to Chinese rule on July 1, 1997.