1980s in Hong Kong

Regardless of the competing claims for sovereignty, China's paramount leader Deng Xiaoping recognised that Hong Kong, with its free market economy, could not be assimilated into the People's Republic overnight and that any attempt to do so would not be in the interests of either.

Under this agreement, Hong Kong would cease to be a British Dependent Territory on 1 July 1997 and would thenceforth be a Special Administrative Region (SAR) of the PRC.

Hong Kong's population topped five million just at the beginning of the 1980s, and rose at an annual average rate of 1.3% over the next ten years.

Upon the independence of Southern Rhodesia as Zimbabwe in 1980, Hong Kong became the largest colony by population for the United Kingdom at the time.

There were public outcries in the early 1980s over decreasing wages due to the large influx of mainland immigrants raising supply against demand.

[2] On the other hand, citizens of Hong Kong were beginning to emigrate to the UK, Canada and United States in large numbers due to the uncertainty of the handover in 1997.

Jackie Chan was recognized for his acrobatic displays and his stunts, along with his Peking Opera friends, who were also some of the heaviest hitters in the industry, Yuen Biao and Sammo Hung.

The comedy genres were also popular with actors such as Michael Hui, Richard Ng, Eric Tsang, and John Shum.

Chow Yun-fat was known for his collaborations with John Woo which set the standard for triad films like A Better Tomorrow and The Killer.

Some of the most famous movies of the decade were films like Police Story, A Better Tomorrow, Aces Go Places, Winners & Sinners, and Project A.

Hong Kong's on-going evolution away from manufacturing picked up steam during the decade, as production's share of the economy fell from 22.8% in 1980 to 16.7% ten years later.

[1] The lack of investment in domestic industry, along with China's economic reform, began opening up manufacturing to the mainland.

Areas like Lan Kwai Fong were improving at the time and became an "alternative" or "open" avenue to attract people who wanted things to be different.

Though a floating rate, coupled with panic about intensified political talk of the handover, sent consumer confidence to an all-time low, causing Black Saturday in 1983.

The Hong Kong Monetary Authority's exchange fund was responsible for keeping the market rate stable.

[11]The Modified Initial System, the first line of the Mass Transit Railway (MTR), was officially opened by Princess Alexandra in February 1980.