Introduction

In the past five years, Hong Kong has experienced a significant decline in its autonomy, freedom, and democratic freedoms, raising serious concerns among its residents and the international community. Despite this unsettling trend, Chinese President Xi Jinping maintains that the 'one country, two systems' framework is a valid and effective approach, emphasizing his commitment to its sustained existence.

Xi’s Vision and Economic Challenges

Xi’s vision aims to utilize Hong Kong’s bustling economy to promote 'modernization with Chinese characteristics.' However, achieving this ambitious goal is not as simple as exerting state power. It demands collaboration from the local business community, which is becoming increasingly complicated as economic growth opportunities start to dwindle under tightened regulations.

The Economic Interdependence

While the Chinese government is in a position to impose its preferred political system on Hong Kong, damage to the territory's economic structure would ultimately be counterproductive. Hong Kong's economy is integral not just to its own prosperity but also to that of Mainland China. This intertwining makes any coercive actions against Hong Kong's economic stability a form of self-harm for the Chinese state.

Conclusion and Future Implications

As tensions continue to brew over Hong Kong’s future, observers are left wondering: Can China really reshape the city in its image without risking its own economic interests? With global implications at stake, the world watches closely as these dynamics unfold. The next few years will be critical in determining whether Hong Kong can maintain a semblance of its former self or if it will be irrevocably changed under Beijing’s rule.