From my observation, streets got cleaner but the air got worse. The legal system is the key to HK's (and Cathay's) wealth. If you want to do business in China but are afraid of getting screwed by the gov't (who can change the rules as they wish), you contract with a middleman in HK - you are protected by HK's legal system and your agent does enough business (and probably has family relations with people there) on the mainland that the gov't won't screw with him. And since they're assuming that risk, they get paid well. Plus, as part of the deal, your products get moved through HK.

Got that from the AmEmb dudes. Sweet system, and explains the stratospheric rise in wealth in HK.