/kloc-major events after the return of Hong Kong in 0/0.

The transitional period ended on1June 30, 997. Hong Kong officially ended British colonial rule and became a People's Republic of China (PRC) Special Administrative Region, with Tung Chee-hwa as the first chief executive. However, just three months later, the currencies of Southeast Asia, Japan, South Korea and Taiwan Province all suffered external shocks. Hong Kong has not been spared. The output value of real estate dropped sharply, the unemployment rate rose from 2% to 6%, and the economic growth rate also turned from positive to negative. The Hang Seng Index dropped from a record high of 65,438+06,820 in August 1997 to 6,700 in the following August. The interbank interest rate rose from a few centimeters before the attack to dozens of centimeters, and the overnight interest rate even reached 65,438+.

65438+1In mid-August, 1998, then Financial Secretary Donald Tsang, HKMA President Joseph Yam and HKEx Chief Executive Kwong Qizhi announced the use of the Exchange Fund to enter the market in an attempt to reverse the decline of the Hang Seng Index for more than a year. In the end, they successfully repelled the speculators led by Quantum Fund with HK$11800 million. With the launch of TraHK 1999, which was derived from "official shares" purchased by the Hong Kong government in the market in 1998, the Hong Kong stock market once again entered a crazy state. The Hang Seng Index also rose to an all-time high of 12000, the unemployment rate dropped from 6% to 4.5%, and the economic growth rate increased by 10%. However, as the Internet craze in the United States subsided, the Internet bubble in Hong Kong also burst, and then in 2006, 965,438+and 5438+0 occurred in the United States. It is inevitable that Hong Kong will continue to decline. Besides, Hong Kong's advantage as an entrepot of China is challenged by Shanghai, Guangzhou and Shenzhen. Facing the impact of economic transformation and globalization, the manufacturing industry moved northward, followed by unemployment and deflation. A series of policy mistakes and the government's failure to establish a good public relations image have put the government in a weak position and the atmosphere of social dissatisfaction is increasing day by day. The recession lasted until the end of 2003.

In the spring of 2003, due to the outbreak of severe acute respiratory syndrome (SARS), all aspects of Hong Kong were hit hard. Until June 23rd, the World Health Organization announced that Hong Kong would be removed from the list of "local infected areas". In this epidemic, Hong Kong infected 1755 people, and 299 people died. The economic losses are incalculable, and the unemployment rate has risen to a record high of 8.7%. The government's handling of the anti-epidemic process has been criticized, and people have changed their focus from economic development to local politics. In the middle of the same year, the government forced legislation on the national security issue of Article 23 of the Hong Kong Basic Law, which became the fuse of public dissatisfaction with the government's administration, and triggered a demonstration of 500,000 people on July 1 of the same year. At this time, the Liberal Party, which was regarded as pro-government, suddenly announced its opposition, and the government had to temporarily shelve the legislation. After the March, the policies of the people of China and the Central Government of China towards Hong Kong once again focused on the economy, such as implementing the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and Chinese mainland, implementing "individual tours", allowing residents of some provinces and cities in Chinese mainland to visit Hong Kong for a short time, and implementing the Hong Kong-Zhuhai-Macao Bridge to consolidate Hong Kong's position as a logistics center in Asia.

On July 1 2003, a large number of citizens took part in the July 1 March under the guidance of legislation against Article 23 of the Basic Law. The organizer refers to 500,000 people. In the following two years, in July of 1, demonstrations were held to fight for democracy and oppose collusion between officials and businessmen.

In May and June of 2004, Hong Kong became a member of the "Pan-Pearl River Delta 9+2" economic integration, and continued to play its original advantages. In addition, the free exercise of private enterprises in Hong Kong continues to be a "window" for mainland enterprises to expand overseas markets and for foreign and Hong Kong enterprises to enter the mainland market. The convertibility of RMB in Hong Kong makes Hong Kong the largest offshore RMB center. The SAR Government has also started discussions with the central authorities and governments at all levels on road and railway planning between Hong Kong and the Mainland, so as to strengthen the land transport links between the two places and ensure that Hong Kong will continue to be an important financial, shipping and service center in Asia. In July and August of the same year, Hong Kong began to experience slight inflation, and officially stepped out of the deflation period that lasted for 68 months.

On March 12, 2005, Chief Executive Tung Chee-hwa suddenly resigned on the grounds of health and was appointed as the vice chairman of the CPPCC by the Central Committee. The reason for Tung Chee-hwa's resignation is that the society generally thinks that he is exhausted by various pressures, especially being criticized for his unsatisfactory administration for seven years. Donald Tsang, then Chief Secretary for Administration, announced his candidacy for the post of Chief Executive to replace Tung Chee-hwa who resigned. In the end, he became the only valid candidate. On June 2 1, he was officially appointed as the new Chief Executive by the central government and was sworn in in in Beijing on June 24. After Donald Tsang took office, it brought a new atmosphere to Hong Kong's political arena, and the public's confidence and evaluation of the Hong Kong government generally rebounded.

On September 12, 2005, the second Disneyland in Asia was opened in Penny's Bay, Lantau Island, Hong Kong, which injected vitality into Hong Kong's tourism and economy.

On February 4, 2005, a large number of citizens took part in the universal suffrage parade in Hong Kong. The organizer is 250,000, and other investigation teams count about 30,000.

From June 5 to February 6, 2005, the Sixth Ministerial Conference of WTO was held in Hong Kong. Demonstrators from all over the world came to Hong Kong to demonstrate, including social activists in Europe and the United States, trade unionists in the Philippines, Indonesia, South Korea and other Asia-Pacific regions. Among them, Korean farmers are the most concerned by the media. 12 17 clashed with the police in Wan Chai.