This Day, That Year

Item from Jan 27, 1996, in China Daily: Qiao Shi, chairman of the Standing Committee of the National People's Congress, announced the formal establishment of the Preparatory Committee of the Hong Kong Special Administrative Region yesterday morning in Beijing ... Qiao said the establishment of the committee is "an important event in the historic process of Hong Kong's return to the motherland" and indicates that the preparatory work for the establishment of the Hong Kong Special Administrative Region "is entering a stage of concrete implementation".

Hong Kong returned to China on July 1, 1997. The "Pearl of the East" is known for its impressive skyline, deep natural harbor and high population density. The former British colony covers about 1,100 sq km and many of its 7.23 million-odd inhabitants live in sky-craping residential blocks.

Hong Kong recorded GDP growth of 2.7 percent in the third quarter of last year. It ranked fifth on the 2014 Global Cities Index after New York City, London, Tokyo and Paris. The city is considered the world's third most important international financial center, after New York and London.