HONG KONG -- A quarter century ago, China promised Hong Kong a high degree of autonomy under the "one country, two systems" model when the territory reverted to Chinese rule. Now President Xi Jinping is using the city as a "wallet" by applying two separate standards -- "one country" for politics and "two systems" for economic affairs -- risking Hong Kong's position as Asia's premier financial center.
Hong Kong's importance as a conduit for capital flowing into and out of China has increased, but its standing as an Asian financial center has declined. (Source photo by Reuters)
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