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What does "one country, two systems" mean? It's the policy that will guide China's resumption of sovereignty over Hong Kong. First proposed by Deng Xiaoping in 1978 as a framework for rejoining Taiwan to the mainland, the idea--that regions under Chinese sovereignty could have separate political and economic systems--helped shape talks over the return of Macau and Hong Kong in the early 1980s. Now enshrined in the Basic Law, Hong Kong's post-1997 constitution, the concept means that socialist policies will not be practiced in the territory and that "the previous capitalist system and way of life shall remain unchanged for 50 years." Now that Deng Xiaoping has died, is there any guarantee that China will honor its commitments? Yes and no. The 1984 Sino-British Joint Declaration, whereby Britain agreed to hand back the colony and China agreed to abide by the subsequent Basic Law, has international treaty status and is registered with the United Nations. Optimists say China wouldn't dare jeopardize Hong Kong's status as a global financial center, embarrass itself in the eyes of the world and risk sending a message to Taiwan that Beijing cannot be trusted. Pessimists, many of whom have relocated to Vancouver, say Beijing lacks appreciation for written law and an understanding of the free market. To be safe, polls show, at least one-third of Hong Kong's 6.4 million residents are prepared to leave if things go wrong.
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