ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Education and Science»
  • History & Archaeology»
  • History of the Modern Era»
  • Twentieth Century History

Hong Kong Economy from the 20th Century

Updated on March 8, 2016

Abstract

During the beginning of the 20th century, British’s law stability and security made Hong Kong a safer territory. As a quote from Dr. Abraham Verghese indicates, “Geography is destiny.” Implies to the advantage of Hong Kong’s geographic location and natural harbors, which helped Hong Kong successfully developed to a center for international trade by the British influence. Throughout the 20th century, Hong Kong was facing an economic shift during the Sino-Japanese War till the end of World War II. In 1997, Hong Kong was returned to China, prior to Hong Kong’s return, debates started to happen because China had a different set of laws than Hong Kong. A famous political leader, Deng Xiaoping, opened a meeting between the British Prime Minister, insisting that Hong Kong must be returned to China, also announcing the remarkable “One country, two systems”, which indicates that Hong Kong becomes China’s, but it will have its own government.

Body Paragraph

Hong Kong is a British colony in the mid-19th century. With the influence of the Britain government, many of the changes shaped the economic future for Hong Kong. But as Hong Kong was returned back to China during the hand over in 1997, numbers of economic and political shifts that appear to have weaken Hong Kong.[1] In the past, a key factor in Hong Kong’s economic success has been its clear difference from the Communist-run China due to its free economy.[2] But now, as a citizen whose been living in Hong Kong since 1980 says “The number of foreigners is declining, and so are their values and perks, and people from elsewhere, other than mainland Chinese, are becoming less significant by the day.”[3] “If Hong Kong begins to look like just another Chinese city with Beijing calling the shots, why should investors differentiate?”[4]

China and Hong Kong economic relationship, though the huge difference in scale, the two depends on and benefit from each other. Such as the internationalization of the Chinese Renminbi (RMB) let Hong Kong to have the world' largest offshore RMB markets because of the large availability of RMB in Hong Kong's banking system and financial markets.[5] Also, Hong Kong's position as a prime Asia trading center has always relied on China's rank as a primary exporter of goods to the Western Countries. As mainland China gets more and wealthier, the demand for Hong Kong's financial experts, from marketing to urban planning is expected to have a rising action.[6]

Today, Hong Kong is one of the world's leading international financial centers as well as a famous tourist destination, but before 1941, Hong Kong was a small fishing village.[7] The changes happened after the first opium war, when the British invaded China, in attempt to seek more resources, which succeeded and let Hong Kong to become a British colony through the 20th century, until the handover at 1997.[8]

The Opium Wars is when the history of Hong Kong as a major international economic city begins. It all started when China is willing to provide Britain with tea and other luxury goods but is unwilling to accept anything but silver as payment for their trade. While the British needed China's resources, the amount of silver in the Britain were continuous to leak out to China.[9] When China becomes richer and the British less, the Britain ran into a trade deficit and sought ways to counter-trade. Britain invaded China to crush opposition to its interference in the country’s economic and political affairs. And one of the Britain’s first acts of the war was to occupy Hong Kong.[10]

Before the war, the British had come up with a plan by importing drugs(option) to China. Starting from 1820, in the next few years, the amount of opium imported to China increases dramatically. Tensions arise because opium was banned as a recreational drug for more than 100 years in China. Opium was a brilliant plan to the British, the people who used opium were addicted to it and are anxious to buy more. The amount of silver was back to the British’s hands.[11]

After a short period of time, the Chinese emperor, seeing the lack of health with his troops and people, decided to sign a contract with the Britain, hoping to stop the drugs from importing to China and still remained in a good relationship. But after the Britain's got the contract, they didn’t agree, and the first and second Opium War started.[12]

During the war, British forces beat the Chinese right up to the Yangtze and occupy Shanghai. The Chinese suffer many casualties and are forced to surrender. On August 29, 1842, the Treaty of Nanking was signed,[13] which was the the first unequal treaty.[14] Five trading ports are opened to the British, and Hong Kong Island is ceded to the British.[15]

In 1860, after the Chinese had failed to ratify the Tianjin agreements, the British and French resumed the war. They attacked Beijing and forced the Chinese to sign the Beijing Convention,[16] which is the second unequal treaty.[17] The treaty forced China to cede the southern portion of the Kowloon Peninsula adjacent to Hong Kong Island to the British.[18]

The third unequal treaty was the Convention for the Extension of Hong Kong Territory, signed in 1898, the Britain leased the New territories from China for 99 years,[19] to expanded its control of Hong Kong territory beyond the former boundary line set up by the Convention of Beijing.[20]

After the whole Hong Kong was ceded to the British, the colony of Hong Kong quickly became a regional center for financial and commercial services. In 1859, the Hong Kong population was over 85,000 supplemented by about 1600 foreigners. The economy is closely linked to business activity, dominated by shipping, banking, and merchant companies.[21]

Under British rule, during the beginning of the 20th century, Hong Kong grew from being dependent on trading to an international finance center. Population growth was rapid, especially as a mock of Chinese immigrants flocked to the region, attracted by the economic development of light industries.[22] But there’s also a lot of obstacles to overcome as a merchant during the early period in British Hong Kong. [23]

The British new settlement was damage by fires, leveled by typhoons and also the population diminished by illness. Yet the administration of the companies did not lose heart, as encouragement were given to merchants by the government. Roads were laid down, markets and hospitals were built, churches were provided, schools were established– all within the first three years.[24]

The different between the British law system to the laws by the Chinese, were the strong private property rights, honest judges, a non-corrupt civil service, very low tax rates, free trade and a minimal amount of economic regulation. At the time, there wasn’t an independent government for Hong Kong, so the Britain's worked hard to maintain control. But they eventually deserved the advantage of having Hong Kong as a colony, the government used the income from Hong Kong’s economic markets for the government’s expends.[25] By 1939, the population had risen to 1.6 million. [26]

Hong Kong was affected by the disastrous events in Mainland China in the inter-war period. After the overthrow of the dynastic system in 1911, the Kuomintang (the Chinese Nationalist Party) took a decade to pull together a republican nation-state. Continuously to the loss of Hong Kong, the Great Depression and fluctuations in the international price of silver disrupted China’s economic relations with the rest of the world in the 1930s.[27]

During the start of 1937, Sino-Japanese War broke out. It broke out when China began the resistance to the expansion of Japanese influence in China’s territory (which had started in 1931). Between 1937-38, Japanese occupied areas of eastern China.[28] With the outbreak of the War, Hong Kong becomes a refuge for thousands of mainland Chinese.[29] And when Japanese bombed the Pearl Harbor, the United States and China declared war against Japan. This merged the second Sino-Japanese War in World War II. Eight hours after the bombing, Japan attacked Hong Kong and destroyed the Allied forces’ aircraft, which leads to the Japanese Occupation of Hong Kong at 1941.[30]


[1] “Hong Kong” 2015. Worldatlas. http://www.worldatlas.com/webimage/countrys/asia/hk.htm

[2] “Opinion: Have investors lost faith in Hong Kong as well as China?” 2016. Craig Stephen. http://www.marketwatch.com/story/have-investors-lost-faith-in-hong-kong-as-well-as-in-china-2016-01-19

[3] “How Hong Kong is gradually becoming just another Chinese City” 2015. Tim Gurung. http://www.ejinsight.com/20151219-how-hong-kong-gradually-becoming-just-another-chinese-city/

[4] “Opinion: Have investors lost faith in Hong Kong as well as China?” 2016. Craig Stephen.

[5] Yu, Yongding. 2014. How Far Can Renminbi Internationalization Go? ADBI Working Paper 461. Tokyo: Asian Development Bank Institute. http://www.adbi.org/working- paper/2014/02/13/6136.how.far.can.renminbi.internationalization.go/

[6] “Hong Kong: Ten Years After the Handover" 2007. Michael F. Martin. https://www.fas.org/sgp/crs/row/RL34071.pdf

[7] “Hong Kong” 2015. Worldatlas.

[8] “The Opium War” 2011. YP cadet Pearl Chan. http://www.scmp.com/article/974360/opium-war-or-how-hong-kong-began

[9] Ibid

[10] “Hong Kong ceded to the British” 2010. A+E Networks. http://www.history.com/this-day-in-history/hong-kong-ceded-to-the-british

[11] “The Opium War” 2011. YP cadet Pearl Chan.

[12] Ibid

[13] “Hong Kong ceded to the British” 2010. A+E Networks.

[14] “Three Unequal Treaties” 2007. Crienglish.com http://english.cri.cn/3126/2007/06/23/195@241691.htm

[15] “Hong Kong ceded to the British” 2010. A+E Networks.

[16] “Opium Wars” 2015. Kenneth Pletcher http://www.britannica.com/topic/Opium-Wars#ref227497

[17] “Three Unequal Treaties” 2007. Crienglish.com

[18] “Opium Wars” 2015. Kenneth Pletcher

[19] “Three Unequal Treaties” 2007. Crienglish.com

[20] New Territories. (2016). In Encyclopædia Britannica. http://www.britannica.com/place/New-Territories

[21] Schenk, Catherine. “Economic History of Hong Kong”. EH.Net Encyclopedia, edited by Robert Whaples. March 16, 2008. http://eh.net/encyclopedia/economic-history-of-hong-kong/

[22] “The British Empire: Hong Kong” Britishempire.co.uk http://www.britishempire.co.uk/maproom/hongkong.htm

[23] “The British Crown Colony of Hong Kong” 2016. Researchhongkong.org.uk http://www.researchhongkong.org.uk/the-british-crown-colony-of-hong-kong

[24] “The British Crown Colony of Hong Kong” 2016. Researchhongkong.org.uk

[25] “Hong Kong’s miraculous progress” 2014. Richard W. Rahn http://www.washingtontimes.com/news/2014/sep/1/hong-kongs-miraculous-progress/

[26] “The British Empire: Hong Kong” Britishempire.co.uk

[27] Schenk, Catherine. “Economic History of Hong Kong”. EH.Net Encyclopedia, edited by Robert Whaples. March 16, 2008

[28] Sino-Japanese War. (2016). In Encyclopædia Britannica. Retrieved from http://www.britannica.com/event/Sino-Japanese-War-1937-1945

[29] “Hong Kong Profile- Timeline” 2015. BBC http://www.bbc.com/news/world-asia-pacific-16526765

[30] “Second Sino-Japanese War” Totallyhistory.com http://totallyhistory.com/second-sino-japanese-war/

The first wave of Japanese troops landed in Hong Kong, the Japanese invaders captured soldiers and proceeded to bayonet them to death. Even those who offered no resistance, such as the Royal Medical Corps, were led up a hill and being killed. The Japanese quickly took control of key harbors in Hong Kong, threatening the British and Chinese inhabitants.[1] The Japanese occupation of Hong Kong began after the Governor of Hong Kong; Sir Mark Young surrendered the territory of Hong Kong to Japan on 25 December 1941 after 18 days of fierce fighting by British and Canadian defenders against overwhelming Japanese Imperial forces, which was later called “Black Christmas”.[2]

During the occupation, with the intention of boosting the Japanese influence on Hong Kong. Two Japanese banks, the Yokohama Specie Bank and the Bank of Taiwan, were re-opened. These two banks replaced the Hong Kong and Shanghai Bank and two other British bank. Forcing the British, American and Dutch bankers to live in a small hotel while some bankers who were viewed as the enemy of the Japanese were executed. Also, all trading activities were sternly guarded, and the majority of the factories were taken over by the Japanese. The Hong Kong Dollar was outlawed and replaced by the Japanese Military Yen. The exchange rate was revalued at 4 Hong Kong dollars to a yen in 1942, which meant local people could exchange fewer military notes than before. While the citizens of Hong Kong became poor in forced exchanges, the Japanese government sold the Hong Kong Dollar to help finance their war-time economy. [3]

The surrender of Japan is because of the two atomic bombs dropped on Hiroshima and Nagasaki by the U.S.A, both only three days apart. Japan’s official surrender to the Allies was signed on September 2, 1945. [4] Ending the Japanese occupation in Hong Kong, which lasted for three years and eight months. Hong Kong was returned to the British controls.[5]

Because of the brutal Japan government, the population of Hong Kong fell to 600,000. Most of whom suffered from malnutrition, due to the lack of food exchanged. Hyper-inflation then disrupted Hong Kong’s economy, the enormous reduce of the Japanese Military Yen after the war made it worthless. The colony's economic activity had shriveled to almost nothing, there were only little infrastructure remaining.[6]

Fortunately, the communist takeover of mainland China in 1949 led to a population boom in Hong Kong. Thousands of refugees emigrated from mainland China to Hong Kong. The economy recovered quickly and more refugees came during the Great Leap Forward.[7]

During the time of the 1950s till 1960s, Hong Kong continues to grow both economically and also by population. When it’s almost to the end of the “borrowing” of the New Territories, which was the second year of the Cultural Revolution, radical leaders in Peking and Guangdong issued orders to union leaders in Hong Kong to confront the colonial authorities.[8]

At the time, Mao, who was the chairman of the Central Committee of the Communist Party of China, didn’t took effort in guiding the radicals or even giving the leaders encouragement in resuming Hong Kong’s governmental authorities back. Although Mao didn’t show much interest in getting Hong Kong back, there still another person who put his hand in this, his name is Deng Xiaoping.[9]

Deng Xiaoping was the chairman of the Central Advisory Commission of the Communist Party of China. Once Deng Xiaoping assumed control of China in 1978, he put an end to Mao’s doing, and negotiating the return of Hong Kong became a major government priority.[10] As most people call him “the man who made the modern China.”[11]

Deng returned to the offensive by repeating his rejection of continued British rule in more direct terms. “If I agreed to let Britain stay in Hong Kong beyond 1997,” he said, “I would be no better than the traitors of the Qing dynasty who had first yielded Chinese soil to Britain under treaties which were illegal and invalid. I could not do it. China must resume sovereignty over Hong Kong, and sovereignty must include administration. The British flag would have to go. The British governor would have to go. And it would be China alone which decided what policies were 'suitable' for Hong Kong in the future. None the less, China hoped that Britain would 'co-operate' in the transition, and it was prepared to enter into 'discussions' to that end. But it would not be bound by their results. If they failed to produce an agreement acceptable to China within two years, then China would announce its policies for Hong Kong unilaterally.”[12]

Announcing these statements to Lady Thatcher, who was the British Prime Minister. The conference between Lady Thatcher and Deng Xiaoping occurred after the death of Mao Zedong. In the conference, Deng first announced the “One country, two systems” formula. Which indicates that Hong Kong will be a Special Administrative Region of China, therefore the Chinese government granted Hong Kong a high degree of economic and social autonomy. It also agreed to preserve its capitalist identity for 50 years.[13]

"But when this proved impossible, I saw the opportunity to preserve most of what was unique to Hong Kong through applying Mr. Deng's [one country, two systems] idea to our circumstances." said Lady Thatcher, in a radio interview, a month after the meeting.[14]

Although Lady Thatcher admits to having doubts about the "one country, two systems" formula, Thatcher also revealed one of her negotiating tactics with Deng. [15]

"In fact, I complimented on his brilliance. It's often a good idea to tell people with whom you negotiate that they were right all along," says Lady Thatcher to Deng Xiaoping.[16]

“Technically, it was just the New Territories that was due to return to Chinese control in 1997 due to the 1898 agreement. However, the Communist Chinese government made it a priority to recover the entire colony of Hong Kong back to China and would not cede anything less.” The government of Margaret Thatcher did consider retaining the Kowloon and Hong Kong Island part of the colony, but the infrastructure and administrative difficulties would have been so difficult to overcome that it would have made the colony economically worthless. The British government finally conceded that it had more to lose than gain by hanging on to the original two parts of the territory and finally signed the Chinese-British joint declaration on December 19th, 1984 that provided for the return of all the ceded and leased territories to China on July 1st, 1997.[17]


[1] “Japan invades Hong Kong” 2009. A+E networks. http://www.history.com/this-day-in-history/japan-invades-hong-kong

[2] “Japanese Occupation of Hong Kong” 2009. World Heritage Encyclopedia http://self.gutenberg.org/article/whebn0002060858/japanese%20occupation%20of%20hong%20kong

[3] “Japanese Occupation of Hong Kong” 2009. World Heritage Encyclopedia

[4] “Second Sino-Japanese War” Totallyhistory.com

[5] “Hong Kong’s miraculous progress” 2014. Richard W. Rahn

[6] “The British Crown Colony of Hong Kong” 2016. Researchhongkong.org.uk

[7] “The history of Hong Kong” 2009-2016. Move, INC http://www.moving2hongkong.org/history-of-hong-kong/japanese-occupation.html

[8] Evans, Richard. Deng Xiaoping and the Making of Modern China. New York, N.Y.:

Viking, 1994. P.263

[9] Evans, Richard. Deng Xiaoping and the Making of Modern China. New York, N.Y.:

Viking, 1994. P.263

[10] “When Margaret Thatcher Came to China” 2013. Matt Schiavenza http://www.theatlantic.com/china/archive/2013/04/when-margaret-thatcher-came-to-china/274796/

[11] “Five ways that Deng Xiaoping still influenced China” 2014. Michael Dillon http://theibtaurisblog.com/2014/12/15/five-ways-deng-xiaoping-still-influences-china/

[12] “When Margaret Thatcher Came to China” 2013. Matt Schiavenza

[13] Ibid

[14] “My regrets over Hong Kong by Lady Thatcher” 2007. Miles Goslett http://www.telegraph.co.uk/news/uknews/1554095/My-regrets-over-Hong-Kong-by-Lady-Thatcher.html

[15] Ibid

[16] “Thatcher’s regrets over Hong Kong’s handover” 2007. Dna

http://www.dnaindia.com/world/report-thatcher-s-regrets-over-hong-kong-handover-1102370

[17] “The British Empire: Hong Kong” Britishempire.co.uk

An overview of Hong Kong Today

After the settle of the handover of Hong Kong back to China, with complete financial freedom, Hong Kong continues to exercise greater freedom than any other place in mainland China. Deng also announces The Open Door Policy with China at the end of 1978, which marked a new era for Hong Kong’s economy. With the strong engagement of China in international trade and investment, Hong Kong’s combination with the mainland proceed successfully as it gained the role as China’s main provider of commercial and financial services. From 1978 to 1997, open trade between Hong Kong and China grew. At the same time, Hong Kong firms began to move their labor-intensive activities to the mainland to take advantage of cheaper labor. Hong Kong’s economic interaction with the Chinese mainland has grown deeper and broader over the last ten years than was expected, increasing the city’s economic connections with China. [1]

According to the survey which was lead out to 80 both American and Hong Kong teenagers. In the question, “During the 20th century, what do you think is the major element that develop Hong Kong into an international finance center?” there’s 30.9% of the teens that chose “Hong Kong Geographic Location”, 19.8% for “Becoming a British Colony”, both 17.3% for “British Stable Laws” and “Population Growth”, as others for “Nature Harbors” or “I don’t know much about Hong Kong”. Most of the people answered because of Hong Kong’s geographic location, as Hong Kong is located at the southern part of China, it brings advantage for merchants overseas connect with China through Hong Kong.

As a quote from Dr. Abraham Verghese indicates, “Geography is destiny.”, Hong Kong’s geographic location is one of the major reason that Hong Kong can be developed as a world-known international trading center. As Hong Kong is the economic “gateway” to mainland China, and fill with natural harbors. Seeking these advantage, the British government create a base for Hong Kong to become a financial center, shaping the future of Hong Kong.

Another question in the survey was “Do you think China and Hong Kong's economic relationship improved after Hong Kong was returned back to China in 1997?”, and 50.6% answered “Yes”, 33.3% thinks it stays the same and only 16% answered “It became worse”. As Hong Kong is a part of China now, the influence from China to Hong Kong has grown deeper and deeper. The two place contains an important relationship, as Hong Kong is the largest source of Mainland China’s overseas investment, offshore RMB business and a major overseas capital market on Hong Kong stock exchange. As Hong Kong is becoming closer with China, some investor says, “Hong Kong is gradually becoming just another Chinese city.”

As a citizen who lived in Hong Kong since 1980, Tim Gurung, once shared his perspective, Everything, including food, transportation and rent, is now very expensive in Hong Kong. Mandarin has already overtaken English as the preferred language of the city. Hong Kong still greatly prides itself as an international city. The tourism board repeatedly says that in its promotional ads and wants the world to believe that as well. But the reality is something different now. Hong Kong is becoming just another city of Greater China by the day. If it is to save itself from total obscurity, it must start making the right decisions and necessary changes right now. Hong Kong has played a very important role in smoothing China’s meteoric ascent to the world’s stage. It still has a great role to play in supporting China in retaining its new position, and it can still do it without shedding its originality as a unique, free and remarkable place.”[2]

I agreed with Mr. Gurung’s opinion, as Hong Kong slowly becomes more likely to another Chinese city, then it wouldn’t be a “international” finance center, which is what makes Hong Kong special. Changes and decisions should be made as to keep Hong Kong a special, international and free place.

In conclusion, the British government used the advantage of Hong Kong’s geographic location and nature harbors to develop Hong Kong as an international trading center. After Hong Kong has been returned to China, China and Hong Kong economic relationship improved and became a critical influence on each other. Because of China’s influence, Hong Kong is gradually losing its uniqueness and international. HongKongers are seeking changes to happen in order to recover this problem, as well as to keep a good economic relationship with mainland China.


[1] Schenk, Catherine. “Economic History of Hong Kong”. EH.Net Encyclopedia, edited by Robert Whaples. March 16, 2008. URL http://eh.net/encyclopedia/economic-history-of-hong-kong/

[2] “How Hong Kong is gradually becoming just another Chinese City” 2015. Tim Gurung.

Reference

[1] “Hong Kong” 2015. Worldatlas. http://www.worldatlas.com/webimage/countrys/asia/hk.htm

2 “Opinion: Have investors lost faith in Hong Kong as well as China?” 2016. Craig Stephen. http://www.marketwatch.com/story/have-investors-lost-faith-in-hong-kong-as-well-as-in-china-2016-01-19

3 “How Hong Kong is gradually becoming just another Chinese City” 2015. Tim Gurung. http://www.ejinsight.com/20151219-how-hong-kong-gradually-becoming-just-another-chinese-city/

5 Yu, Yongding. 2014. How Far Can Renminbi Internationalization Go? ADBI Working Paper 461. Tokyo: Asian Development Bank Institute. http://www.adbi.org/working- paper/2014/02/13/6136.how.far.can.renminbi.internationalization.go/

6 “Hong Kong: Ten Years After the Handover" 2007. Michael F. Martin. https://www.fas.org/sgp/crs/row/RL34071.pdf

8 “The Opium War” 2011. YP cadet Pearl Chan. http://www.scmp.com/article/974360/opium-war-or-how-hong-kong-began

10 “Hong Kong ceded to the British” 2010. A+E Networks. http://www.history.com/this-day-in-history/hong-kong-ceded-to-the-british

14 “Three Unequal Treaties” 2007. Crienglish.com http://english.cri.cn/3126/2007/06/23/195@241691.htm

16 “Opium Wars” 2015. Kenneth Pletcher http://www.britannica.com/topic/Opium-Wars#ref227497

20 New Territories. (2016). In Encyclopædia Britannica. http://www.britannica.com/place/New-Territories

21Schenk, Catherine. “Economic History of Hong Kong”. EH.Net Encyclopedia, edited by Robert Whaples. March 16, 2008. http://eh.net/encyclopedia/economic-history-of-hong-kong/

22“The British Empire: Hong Kong” Britishempire.co.uk http://www.britishempire.co.uk/maproom/hongkong.htm

23 “The British Crown Colony of Hong Kong” 2016. Researchhongkong.org.uk http://www.researchhongkong.org.uk/the-british-crown-colony-of-hong-kong

25“Hong Kong’s miraculous progress” 2014. Richard W. Rahn http://www.washingtontimes.com/news/2014/sep/1/hong-kongs-miraculous-progress/

28Sino-Japanese War. (2016). In Encyclopædia Britannica. Retrieved from http://www.britannica.com/event/Sino-Japanese-War-1937-1945

29“Hong Kong Profile- Timeline” 2015. BBC http://www.bbc.com/news/world-asia-pacific-16526765

30“Second Sino-Japanese War” Totallyhistory.com http://totallyhistory.com/second-sino-japanese-war/

31 “Japan invades Hong Kong” 2009. A+E networks. http://www.history.com/this-day-in-history/japan-invades-hong-kong

32 “Japanese Occupation of Hong Kong” 2009. World Heritage Encyclopedia http://self.gutenberg.org/article/whebn0002060858/japanese%20occupation%20of%20hong%20kong

37“The history of Hong Kong” 2009-2016. Move, INC http://www.moving2hongkong.org/history-of-hong-kong/japanese-occupation.html

38 Evans, Richard. Deng Xiaoping and the Making of Modern China. New York, N.Y.:

Viking, 1994. P.263

40“When Margaret Thatcher Came to China” 2013. Matt Schiavenza http://www.theatlantic.com/china/archive/2013/04/when-margaret-thatcher-came-to-china/274796/

41 “Five ways that Deng Xiaoping still influenced China” 2014. Michael Dillon http://theibtaurisblog.com/2014/12/15/five-ways-deng-xiaoping-still-influences-china/

44“My regrets over Hong Kong by Lady Thatcher” 2007. Miles Goslett http://www.telegraph.co.uk/news/uknews/1554095/My-regrets-over-Hong-Kong-by-Lady-Thatcher.html

46“Thatcher’s regrets over Hong Kong’s handover” 2007. Dna

http://www.dnaindia.com/world/report-thatcher-s-regrets-over-hong-kong-handover-1102370

48 Schenk, Catherine. “Economic History of Hong Kong”. EH.Net Encyclopedia, edited by Robert Whaples. March 16, 2008. URL http://eh.net/encyclopedia/economic-history-of-hong-kong/

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.