Hong Kong Surprise: Politics Steady but Economy Falters
Hong Kong is marking first anniversary of its return to China with flurry of events on July 1, but many people feel little reason for celebrating with city feeling effects of Asian economic crisis; Britain's exit from Hong Kong has little to do with economic downturn of its former colony, which has been ravaged by rising unemployment, 20 percent drop in stock market and 40 percent decline in property market in last six months; Government has scrapped gaudier elements of last year's celebration because they seem ill-suited to hard times; politically, Hong Kong has scarcely changed in year since it became part of Communist empire; Beijing, defying predictions by experts, has left Hong Kong largely untouched; photo (M)