燕军 我爱北京天安门 KTV版 (I Love Beijing Tiananmen as featured in infamous Hong Kong 97 video game)

Although the full version of the looping music in Hong Kong 97 is already well-known, the actual source of the song (as well as its vocalist) remains a mystery, until I found this video from youku when this comment from psykrapmadafaka gave this very detailed information about the singer:

"[...]the singer's name is Zhang YanJun (张燕军), and she started her music career with her sister in Guangzhou in '87 as just YanJun (燕军). The sisters made two albums (mostly covers of other pop songs) and retired, then returned in '95 as The Oriental Duet (东方二重唱, Google translated) to great renown, this time renamed to Zhang BeiNing (张倍宁). In 2000s after they got married (with their husbands BTW), she remained in showbiz behind the scenes, while her sister left it entirely.
Either way, she was confirmed to be the singer by Tencent's QQ Music platform (one of many domestic Spotify variants) - and that about wraps it up..."