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comment by seriallurker

It's a principle designed to reunite the various parts of China, probably with Taiwan specifically in mind. However Taiwan has never officially accepted such a proposal, and continues to assert the legitimacy of its own government. Hong Kong and Macau meanwhile fully acknowledge (reluctantly maybe) that they are apart of China, just that they are very special parts.

So Hong Kong and Macau fall under the "one country, two systems" principle, while Taiwan does not, even though the principle was likely designed specifically for Taiwan.