It seems to me that "one China, two systems" means that there is an acknowledgment that Hong Kong and Taiwan are Chinese territories, but the people living there can determine what system of governance they prefer. In my opinion, this understanding has been the bedrock of the U.S / China relationship and seems to have satisfied both parties for over 40 years. Is it not the PRC that shattered this bedrock principle with its intervention in Hong Kong when it denied Hong Kong its "system?" If there is any "hollowing out" it has been done by President Xi. Incidentally, the reference in Bill's post of a "one China" policy is interesting, since the reference drops the "two systems" part. Perhaps, that is the problem. When did the PRC policy change from "one China two systems" to just "one China?"