Hong Kong Is Unique—China Needs It to Stay That Way

“One country, two systems”—the awkward formula under which freewheeling Hong Kong has survived in China’s statist economy—has always been viewed with deep ambivalence in the ultra-capitalist territory and Beijing alike. Yet maintaining the arrangement is paramount to the success of both.

Relations between Beijing and the semiautonomous city now face their biggest test since the U.K. handed back the territory in 1997, as protests sparked by legislation that would have permitted extraditions to the mainland mushroom into a wider…

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