http://www.settimananews.it/italia-europa-mondo/china-one-world-two-systems/
How Hong Kong’s and China’s position in the world is no longer tenable, as it was seen 20 years ago.
In the late 1990s, Beijing decided to adhere to the newly established World Trade Organization (WTO), which was to replace GATT (General Agreement on Tariff and Trade), regulating trade in the free world that had been battling the Soviet empire. The USA, leading those talks and promoting the new organization, had settled on allowing a grace period for China to fully integrate into the global system. This system was not just commercial, but also political.
China had then barely managed to skirt the 1997-1998 Asian financial crisis, which brought down governments and regimes all over Asia and proved in this part of the world that the US was the paramount example of a well-managed economic system. In the previous decade, the US also caused the USSR to disband and later overawed the Europeans, whose monetary system was disrupted by the 1992 financial crisis. The euro, then an objective challenge to dollar dominance, had been approved by the EU but only in return for an eastward expansion of the Union, something that would weaken European ability to easily reach a unified consensus on the moves of the new currency.
Basically, in the late 1990s, the USA and China agreed on establishing a situation parallel to that of Hong Kong. The territory had just in 1997 been returned to Beijing under the principle of “one country, two systems” (一国两制): that is, China and Hong Kong were to be run according to different sets of rules, although both agreed they belonged to one China and eventually they would be united under one rule. Similarly, China was joining the WTO under the provision that we could call new “one world, two systems”, or to be more Chinese: “one heaven, two systems” (一天两制). The two systems were to be run differently although both understood they would eventually merge into one – the free market/free politics one would spread all over the world.