Hong Kong has been living on borrowed time ever since the British made it a colony nearly 180 years ago, and all the more so after Beijing took control in 1997 and granted it autonomous status. China’s passage of a national security law for the city is the latest sign that the 50-year “one country, two systems” arrangement that allowed Hong Kong to keep its own legal, financial and trade regimes is perishable. China’s communist leaders have been preparing for decades to take full control of the glittering capitalist oasis, while building up their own trade and financial centers to take Hong Kong's place.
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