Why is Hong Kong competing in the 2008 Olympics as a country and not as a part of the Chinese team?

When control of Hong Kong was transferred to China in 1997, they were designated as a Special Administrative Region which has autonomy and a separate political system than the mainland. Hong Kong has had a National Olympic Committee since 1950 and has been participating in the Summer Olympics since 1952. They will continue to participate separate of China in upcoming Olympics and will be known as Hong Kong, China.