According to the agreement between Great Britain and the People's Republic of China

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The agreement between Great Britain and the People's Republic of China, known as the Sino-British Joint Declaration, stipulated that Hong Kong would be returned to China on July 1, 1997, and that China would permit Hong Kong to retain a high degree of autonomy and largely capitalist economic system for 50 years after the handover. The welfare of the Hong Kong population was not explicitly addressed in the agreement, but the preservation of the capitalist system was intended to ensure the continued prosperity and prosperity of the territory. The agreement did not recognize Hong Kong as an independent nation, but rather as a Special Administrative Region of China.

According to the Agreement Between Great Britain and the People's