Over the past five years, Hong Kong has seen its autonomy, freedom and democracy eroded. Despite this, Chinese leader Xi Jinping has repeatedly emphasized that ¡°one country, two systems¡± is a ¡°good¡± policy, committing to its long-term preservation.
While Xi wants to leverage Hong Kong¡¯s economy as a tool to advance ¡°modernization with Chinese characteristics,¡± unlike political reforms, this goal cannot be achieved solely by using muscular state power. It requires the business community to come on board ¡ª but at a time when the space for economic development is tightening.
In Hong Kong, Beijing is free to impose the political system it wants. However, unlike coercive measures against Taiwan¡¯s economy, any attempt to harm Hong Kong in this sphere would amount to self-harm as the territory is an integral part of the mainland¡¯s economy.
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