The relationship between the People's Republic of China and the Hong Kong Special Administrative Region under "one country, two systems" not only differs from the relationship between a colony and its suzerain power, but also from that between a local government and the federal government in federal system. Furthermore, It differs from the relationship between a local government and the central government under a unitary system, as in traditional China with power concentrated in the center. It is in fact a special and complicated relationship between the center and the region. This complex relationship has its political, economic and legal aspects, as well as its formal and informal spheres. This article attempts to examine the formal and informal relationship between Mainland China and Hong Kong in the past two and a half years at various aspects and spheres. This article suggests that how to manage well the relationship between Mainland China and Hong Kong under "one country, two systems" is an unprecedented challenge, with a significant bearing on the success or failure of "one country, two systems" and the future of Hong Kong. Both Mainland China and Hong Kong need indeed to search for a stable and institutionalized mechanism by which to properly manage their relationship.