Crackdowns by Beijing and severe COVID restrictions have undermined its status. Friday marks the anniversary of the transfer of control.
And is it a sign of things to come for relations between the U.S. and Chinese economies?
Some fear that the new law will take away freedoms that make Hong Kong the only real global financial center in China.
They accused the president of praising Hong Kong protesters, but cracking down harshly on demonstrators in the United States.
The administration's actions are expected to weaken the global health organization during the coronavirus pandemic and escalate tensions with China.
U.S. officials suggest countering Beijing by downgrading ties with Hong Kong, drawing protests from business lobby.
U.S. videogame giant seeks next approval in China, despite controversy over punishing Hong Kong gamer
The Chinese gaming market is estimated at more than $30 billion, second only to that of the United States.
Three protesters from around the world, in their own words.
Two months of massive demonstrations could be hampering tourism and international investment.
The city has made a name for itself as China's Silicon Valley with three factors: government support, speed and location.