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 — 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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