Hong Kong has been embroiled in what can be described as 'identity politics' ever since reunification in 1997. The political confrontation in 2019 was a watershed, where the pro-local identity shot up to almost 78% by year-end according to some polls, before coming down gradually. The central government is very wary of nascent separatism. In addition to growing emphasis on national security and national education, a 'return of hearts' (人心回歸)to the nation is also urged. Is 'identity' the real issue driving political polarization and conflict under 'one country, two systems', or is it more a framed articulation of political contestation grounded in multiple grievances and anxieties? This policy dialogue seeks to tease out the critical issues and to separate myths from realities. The three speakers all have long years of participation in Hong Kong's pre-1997 transition and post-1997 governance.