It sounds like Google won't quit China totally; instead, all Chinese-based Google search will run through Google Hong Kong. Since Hong Kong is still, on paper, quasi-independent, this is going to get very interesting.
More on Google's decision and China's reaction here.
That said, if Beijing does shut down Google Hong Kong, Google knows that means it's out of China, period. Unless it has plans for an ultimate capitulation, should Beijing hit the panic button.
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