CGTN published this video item, entitled “25 years on, rhythm of sharing weal and woe continues to flow” – below is their description.
Right after Hong Kong’s return, an unprecedented financial crisis swept across Asia. With international speculators “hunting” around, stock markets were collapsing, and currencies devaluing sharply. In retrospect, many believe the central government offered just the right amount of support to #HongKong. Then Chinese Premier Zhu Rongji promised that the central government would protect Hong Kong from the financial crisis “at all costs”. Meanwhile, under the “One Country, Two Systems” principle, Beijing allowed Hong Kong’s monetary and finance authorities to make its own decision in the war battling against international speculators. And that triumph has lay a solid foundation forward for the two deeply bonded. Tune in to CGTN’s “HONG KONG: Forging an Unbreakable Bond,” coming soon. #China CGTN YouTube Channel
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In This Story: Hong Kong
Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.