Some political analysts thought there was an urgent need to reach an agreement because there were fears that Hong Kong`s economy would collapse without a treaty in the 1980s. Concerns about land ownership in the new leased territories have also contributed to the problem. Although discussions about Hong Kong`s future began in the late 1970s, the final date of the joint declaration was influenced more by factors of ownership and economy than by geopolitical necessities. [9] The Sino-British joint statement consists of eight paragraphs, three annexes relating to the basic policy regarding Hong Kong, the Sino-British Joint Liaison Group and land lease agreements, as well as the two memoranda of the two sides. Each party has the same status and “The whole constitutes a formal international agreement that is legally binding in all its parts. Such an international agreement is the highest form of engagement between two sovereign states. [10] In these statements, the Hong Kong Special Administrative Region reports directly to the central government of the people of the PRC and enjoys a high degree of autonomy, with the exception of foreign affairs and defense. It is authorized to exercise independent executive, legislative and judicial power, including the final decision. The Basic Law specifies that in addition to Chinese, English can be used in government bodies and the HKSAR can use its own regional flag and emblem, in addition to the national flag and the national emblem of the PRC. It aims to maintain the capitalist economic and commercial systems previously practiced in Hong Kong. Hong Kong`s autonomy was guaranteed by the “One Country, Two Systems” agreement, enshrined in the Sino-British joint declaration signed by then Chinese Premier Zhao Ziyang and British Prime Minister Margaret Thatcher.

But before Hong Kong was returned, Britain and China agreed to set up “one country, two systems.” One of the major achievements has been to ensure the continuity of independent justice in Hong Kong, including agreements in the areas of commercial shipping, civil aviation, nuclear materials, whaling, underwater telegraph, space and many others. It also approved a network of bilateral agreements between Hong Kong and other countries. Within the framework of these agreements, some 200 international conventions were concluded after 30 June 1997 on the further application of some 200 international conventions to the HKSAR. .