With the local economy in shambles, Hong Kong was keeping an eye on the international political jockeying but was more concerned about a Sino-US relationship where trade issues, like granting China the most favoured nation trading status, were resolved. "It's all about trade anyway. It's good if superpowers have good relations, but Hong Kong people these days really just worry about the economy," said one 46-year-old Hong Kong man. If China was in good shape then Hong Kong would be in good shape, he said.

Hong Kong's economy has shrunk for two consecutive quarters, making a recession official. "People in Hong Kong would hope the relationship continues smoothly and thatMost Favoured Nation would be depoliticised altogether," said Michael DeGolyer, who tracks public opinion and heads the Hong Kong Transition Project.

Hong Kong was also concerned about negotiations for China's entry into the World Trade Organisation. At a press conference in Beijing after the summit, Clinton said he regretted the lack of progress on WTO membership for China.

"Hong Kong has WTO membership," said DeGolyer. "They have a niche advantage in the Chinese system of being able to exercise rights and do certain trades. If the rest of China gets WTO, then where is Hong Kong's advantage in a number of areas?" he asked.

Other issues also overshadowed Hong Kong, particularly the weakness of Japan's yen.