The usual barrage of shoulders and umbrellas is absent this morning from the streets of Hong Kong. The only hazard I face as I walk to work is the scurrying helpers clambouring for prestigious spots to lay out cardboard, where they will spend the day playing cards and boiling rice. The Ching Ming festival strikes. No grave will be left unswept on this day.

But there's something more. Is it the fear that Singapore's mass exodus might be repeated here? Is the place recovering from celebrating the HK Film Awards, the Chinese world's equivalent of the Oscars? Is it anxiety at what the NPC may decide what the Basic Law actually means, even though it is perfectly clear to most? Are students trembling at the thought of more "patriotism" being introduced into HK schools, including regular flag-raising ceremonies (according to the SCMP) and self-examination sessions (according to the Little Red Book)?

No. It is the collective sigh of relief as one of the most dangerous and damaging disputes in Hong Kong history has finally been resolved. Finally the two SARs, Macau and Hong Kong, can bet on each other's horse races. A public holiday is declared to celebrate the day. People will celebrate in the way they know best: by gambling what little they have. It is a great day in Hong Kong history.