One country, two systems
With China entering the World Trade Organization in 2001 with approval from the US, China and the world economy benefited from globalization and the access to new markets and the increased trade that resulted. Despite this, some in the United States lament letting China in the WTO because part of the motivation to do so, the political liberalization of the PRC’s government along the lines of the Washington Consensus never materialized. The US hoped economic liberalization would eventually lead to political liberalization to a government more akin to the then recently repatriated Hong Kong Special Administrative Region under One country, two systems.