Chapter 4 discusses one of the main debates of the early 1990s, that is, the debate on radicalism and conservatism in modern Chinese history. The main vehicle for this debate, which peaked in 1992, was the influential Hong Kong journal Ershiyi shiji, which is indicative of the growing interactions between intellectuals in mainland China and Chinese intellectuals in Hong Kong, Taiwan, Singapore, and the United States. The chapter outlines the transformation of the latter’s liberal and moral critique of mainland China, where the discussion focused on economic reform by reference to two revolutionary models—the “realistic” Glorious Revolution versus the “utopian” French Revolution (1789–99). In the discussion, participants evaluated the merits of the Cultural Revolution and a century of change in China through the lens of Edmund Burke’s criticism of the French Revolution. The chapter also discusses the broader implications of the debate by linking it to the issue of a “cultural China” impacted by the economic rise of East Asia. After renewed economic reform, conservatism as the advocacy of a strong state gradually became replaced with a conservative liberalism or the emphasis on partial and gradual economic reform and the role of the market as stabilizer.