In 70 days, the British Union Jack will be lowered for the last time over the Crown Colony of Hong Kong, to be replaced by the flag of the People's Republic of China.
In front of a gathering of dignitaries from around the globe, which will likely include Secretary of State Madeline Albright, the territory will formally mark the end of colonial rule and become an autonomous Special Administrative Region of China.
The reversion of sovereignty comes after more than 100 years of British rule, which transformed a small fishing village and pirate haven into a major economic juggernaut, and one of four newly industrialized economies of East Asia.
After July 1, Hong Kong will adopt a mini-constitution, known as the Basic Law, which British and Chinese negotiators hammered out in 1990.
Under the Basic Law, Hong Kong will maintain its capitalist economy, independent judiciary and civil liberties.
But Chinese authorities have made it clear that recently adopted political reforms will violate the Basic Law, and will be rolled back following the handover.
Although this has generated some controversy, opinion on campus tends to predict a smooth transition and a promising future for Hong Kong.
"I feel that there will be no big changes," said LSA junior John Kim, who is originally from Hong Kong. "China and Hong Kong have already agreed to follow the Basic Law system - to follow the 'one country, two systems' model."
Kim criticized Hong Kong's Governor Chris Patten, who proposed new political reforms in 1992 without consulting the Hong Kong people or China.
Patten's reforms were implemented in 1995, resulting in Hong Kong's first ever directly elected legislature.
University Associate Political Science Prof. Yasheng Haung, who teaches a class on China, said although China intends to scrap major democratic progress in Hong Kong, leaders in Bejing would adopt Hong Kong's earlier political system.
"It is true that the Chinese government plans to roll back civil liberties but I don't think they want to do more," Haung said. "They want to roll back the political system to the pre-Patten era."
Stephanie Hu, a School of Business Administration junior who is originally from Hong Kong, also felt that any political reform would be limited, although she noted it's hard to predict China's actions.
"In the near future, the political system should not have a drastic change, but nobody knows," Hu said.
Hu said although Patten's political reforms were destined to be repealed, they were not a waste of time.
"On the positive side, probably, it will increase the awareness of human rights," Hu said. "The downside is having to adjust to a Chinese system that is very different."
Ian Perkin, assistant director of the Hong Kong General Chamber of Commerce, said while it was disappointing that China will repeal recent democratic reforms in Hong Kong, Britain was not as wiling to nurture Hong Kong's political development as the Western press has been reporting.
"The problem here is that there seems to be a view in the United States, about the political situation and the human rights situation in the future Hong Kong," Perkin said. "We see it from a different perspective.
"One can't forget Hong Kong is a colony. Democratic reform in Hong Kong only extends from 1992 on. Only five years ago, the Governor of Hong Kong was all powerful," Perkin said.
Kim and Haung also complained about the coverage of the Western media.
"I think the Western media is biased in a way," Kim said. "They only sensationalize (the handover) because it's a communist country taking over a capitalist one."
Haung said the press is making a mistake by focusing on Hong Kong's politics.
"I think the Western media is doing a very bad job," Haung said. "They think China is imposing China's own political system in Hong Kong, (but) China is imposing the (pre-1992) system.
Haung said the media also is overlooking the economic consequences of the reunification.
"The West should be more concerned about economic aspects of Hong Kong, more than political aspects, because there's a clear danger that the laissez-faire system may be undermined," Haung said.
Economic success following the handover is also a concern of Hong Kong students at the University.
Rita Chan, an LSA first-year student and social secretary of the Hong Kong Students Association, said most of the 170 HKSA members are more worried about employment opportunities than politics.
"I think a lot of us are probably worrying about jobs when we go back," Chan said.
Perhaps as evidence of their confidence in the future, Kim, Chan and Hu all intend to return to Hong Kong.
My family members "have no plans leave," Kim said. "I don't think anything will go wrong."
Hu said re-unification with China will be a historic moment.
"(The handover) is gaining more exposure," Hu said. "It's in the spotlight. I'll be there."