Is free trade a force of political stability? This article argues that, while political stability could be a cause, it is not always a consequence of free trade. To test this argument, the article analyses the political causes and consequences of the external and internal trade liberalisation initiatives of Mainland China and Hong Kong through a selection of their current and proposed free trade agreements and free trade zones, namely, the Mainland and Hong Kong Closer Economic Partnership Arrangement, China-Japan-Korea Free Trade Agreement, Hong Kong Free Port, and China (Shanghai) Pilot Free Trade Zone. Together, these initiatives comprise a uniquely outlier case study on individual customs territories in a common state jurisdiction with contrary political economies. This article concludes that the effectiveness of free trade as a force of political stability is, by and large, more of a perception than a reality
