中共現行對臺政策的最高指導原則，即「新制度論」（New Institutionalism）中的「制度」（institution）項堅持「一個中國，一國兩制」，然其策略卻日趨彈性。本文以一九九七年五月的臺港海運談判為例，在最富主權敏感性的船舶懸旗問題上，中共容許港船入臺時懸掛特別行政區區旗，而臺港入港時暫不懸旗的務實做法，不但同時滿足雙方立場的底線，繼續維持臺港間的海運經濟利益於不墜，更為日後對臺政策制度與策略間的互動關係立下參考範例。

　　　　　Mainlang China has insisted on the One China as well as the "One Country, two Systems framework" as its institutional Taiwan policy since 1983; any attempt to divide China is abosutely not allowed, including the independence of Taiwan. However, Mainland China's strategy is becoming more flexible. The purpose of this essay is to explore the interaction of institutions and strategy in Mainland China's current Taiwan Policy through the case study of the 1997 Taiwan-Hong Kong Shipping Negotiations.