Whereas the People’s Republic of China assumed the exercise of sovereignty over the Hong Kong Special Administrative Region 20 years ago, on July 1, 1997; Whereas the Joint Declaration between the Government of the United Kingdom of Great Britain and the Government of the People’s Republic of China on the Question of the Hong Kong (in this resolution referred to as the Joint Declaration ) required China’s National People’s Congress (NPC) to pass the Basic Law of the Hong Kong Special Administrative Region of the People’s Republic of China (in this resolution referred to as the Basic Law ) consistent with the obligations contained in the Joint Declaration, which was approved by the NPC on April 4, 1990; Whereas relations between the United States and Hong Kong are fundamentally based upon the continued maintenance of the one country, two systems policy stipulated in the United States-Hong Kong Policy Act of 1992 ( Public Law 102–383 ; 22 U.S.C. 5701 et seq.) and established by the Joint Declaration; Whereas under the one country, two systems policy established by the Joint Declaration, Hong Kong will enjoy a high degree of autonomy except in foreign and defense affairs and will be vested with executive, legislative and independent judicial power including that of final adjudication ; Whereas Hong Kong’s autonomy under the one country, two systems policy, as demonstrated by its highly developed rule of law, independent judiciary, and respect for the rights of individuals, has continued to make Hong Kong the preferred residence for over 85,000 United States citizens, and at least 1,400 United States businesses operate in Hong Kong; Whereas the Joint Declaration and the Basic Law declare that the lifestyle and social and economic systems in Hong Kong will remain unchanged for 50 years after the 1997 reversion