The Chinese and the British Governments signed an agreement in 1984 which stated that Hong Kong would be returned back to China on 1 July 1997. There were many fears about the impending handover as residents of Hong Kong worried about how China would deal with the administration of the island. However, the People’s Republic of China under its ‘One Country, Two Systems’ slogan allowed Hong Kong to become a Special Administrative Region (SAR) which meant that mainland China did not get involved in administering Hong Kong. Even today, Hong Kong remains a capitalist economy and dœes not have several of the restrictions, including media censorship and foreign exchange controls, which are applicable in mainland China.