The lucrative opium trade was at the heart of Hong Kong's importance when the British wrestled it away from China 156 years ago. But it is legitimate business that made Hong Kong the world financial center it is today.

Hong Kong's economy has been called the freest in the world. The obvious question is what will become of it when it falls into the hands of one of the world's most authoritarian governments.

Speculating about the answer began before the ink on the Joint Declaration was dry, and it has become a cottage industry since. Survey after survey has gauged the mood of Hong Kong's residents, businessmen, investors and the like, all with the intention of divining the colony's future.

The consensus in the run-up to the handover is optimism. Most people believe -- or say they do -- that Hong Kong will be fine. Indeed, there are those who believe its best years are still ahead.

The reasons are several. For one thing, more companies have been moving to Hong Kong than leaving. For another, China has promised that those who masterminded its economic boom will remain in charge. Third, the Hong Kong dollar is backed by U.S. $64 billion in foreign reserves.

There is also the feeling that the leaders in Beijing know a good thing when they see one, and will not risk the embarrassment -- and, quite possibly, political ruin -- by tampering with it.

Optimism is further fueled by the performance of the Hong Kong economy, which at the moment has the throaty purr of well-oiled machinery. The Hong Kong stock exchange continues to hit one all-time high after another, and mortgage lending is also at an all-time high.

Investors, meanwhile, continue to find Hong Kong attractive, and there are a number of high-profile projects under way. Among them are the $20 billion Chek Lap Kok airport, a new town to be built near the airport, an expressway, an express rail system, the recently completed bridge to Lantau Island and reclamation projects in Victoria Harbor.