This special episode of the ChinaPower podcast is the second of five featuring the audio from the China Power Project's fifth annual conference, which comprises five live online debates. The second debate took place on November 24, 2020 and featured two experts debating the following proposition: “One country, two systems” in Hong Kong is dead.When Hong Kong was handed over to China in 1997​, its people were promised that they would continue to enjoy a high degree of autonomy under the “one country, two systems” formula for at least 50 years. However, the Chinese government passed a National Security Law for Hong Kong in June 2020, which granted Beijing unprecedented powers over the city. The passing of this law has led some to question whether “one country, two systems” remains intact.Daniel Russel, Vice President for International Security and Diplomacy at the Asia Society Policy Institute (ASPI) and former Assistant Secretary of State for East Asian and Pacific Affairs, argued that “one country, two systems” in Hong Kong is dead. Regina Ip, legislator and member of Hong Kong's Executive Council, argued that “one country, two systems” in Hong Kong is still alive.This event was made possible by generous support of the Carnegie Corporation of New York.