In 1997, Hong Kong became a special administrative region of China under the “one country, two systems” framework. In this new edition, Tim Summers brings his analysis of the politics of Hong Kong fully up to date and discusses the ramifications for the city of the mass demonstrations of 2019–20 and the city’s intensifying confrontational politics that have culminated in China’s new national security law for Hong Kong. In the process, Hong Kong has lost the sweet spot it occupied for four decades in a world of intensifying economic globalization and decent US–China relations, all the more so after Covid-19. Instead it finds itself at the frontline of US–China strategic rivalry. Summers explores how the city’s future will be shaped by the interaction of these global tensions with Hong Kong’s polarized local politics and its relationship with Beijing.