11 December, 2001 was a good day for China – it became a fully-fledged member of the World Trade Organisation (WTO). It was a good day for the foreign law firms based there too, with the promise of infinite opportunities of work resulting from the opening up of China’s vast markets to international competition.

But was 11 December such a good day for Hong Kong? As the traditional gateway to the mainland, China’s accession to the WTO will bring about some major changes to Hong Kong’s role.