Mainland China''s healthcare system reform has achieved remarkable results. As the reform progresses, more efforts could be made in policy-learning from other Chinese societies with more successful experiences. Hong Kong Special Administrative Region has an internationally renowned healthcare system, ranked at the top in the world''s most efficient health systems. This paper reviews Hong Kong''s health governance system, the challenges it has faced, its reform initiatives in the recent years, and discusses their implications for the mainland China. Heath governance in Hong Kong has fully realized the separation of regulationswith operation, thus overcoming major institutional barriers. The Hospital Authority of Hong Kong has demonstrated very high efficiency and managerial professionalism. However, Hong Kong''s healthcare system is also facing various daunting challenges, and the government has introduced a series of reform initiatives, including the Voluntary Health Insurance Scheme, Public-Private Partnership, and Elderly Health Care Voucher. Many reform ideas and policy instruments can be of reference value for healthcare system reforms in the mainland.