特區成立後不久，亞洲金融風暴爆發，香港飽受衝擊，經濟持續衰退多年。2003年春季非典型肺炎爆發，疫情失控、經濟蕭條加上政府就國家安全立法，引爆香港數十萬人上街示威。一國兩制的承諾在2014年落空，港人意識到永遠無可能有真正的民主選舉，連 《中英聯合聲明》也被北京指是一份歷史文件。香港爆發雨傘運動爭取民主，雖然最終失敗收場，卻埋下反抗的種子。2019年香港爆發反對逃犯條例修訂草案運動，導致了香港自二次大戰之後最劇烈的社會動盪，影響持續至今。

After the handover, the Asia Finance Crisis broke out, and HK was severely affected . The severe economic recession was prolonged as HK was battered by the SARS epidemic in the spring of 2003. The mishandling of the epidemic and the government's attempt to introduce national security legislation sparked a massive protest, with at least half a million people marching. 

Political reform stalled and living conditions worsened, the society had long been on the edge. In 2014 the "One Country, Two Systems" principle was exposed as a falsehood . Hongkoners knew genuine democratic elections were impossible under Chinese rule. Even Beijing dismissed the Joint Declaration as a historical document without real significance. The Umbrella Movement for Democracy broke out in 2014, and whilst unsuccessful, planted the seeds of future resistance. In 2019, mass protests erupted against the proposed amendment of the extradition bill, allowing much easier extradition to mainland China, leading to HK's most intense social upheaval since WWII, and the effects are still being felt today.