It's Only 1991, But It Already Feels Like 1997

A wave of euphoria swept through Hong Kong's business world on July 4. That was when a beaming Sir David C. Wilson, the colony's governor, told Hong Kong's assembled press corps that China had dropped its objections to a much-debated $10 billion airport project. The Hang Sang stock index responded by shooting up to a near-record high. "This is a ray of sunshine," said Howard Gorges, a director of South China Brokerage Co., over the din of the firm's frantic trading room.

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