Hong Kong is no longer a British colony, but Margaret Thatcher was able to hammer out an agreement with mainland China about the the city's future back in 1984. Under the agreement Hong Kong will keep its capitalist system and operate independently of China, and be free to make its own decisions, for the next 50 years after the handover. I talked with someone who has spent a good deal of time there, and he said the only thing that has changed since the handover was the flag.