This article examines the intertwining and evolution of neoliberal and nationalist discourses in post-colonial Hong Kong and Macao, arguing that their combination reveals the dual layers of political rationality in the dynamics of higher education policymaking. It suggests a move towards governmentality with Chinese characteristics, marked by gradual and continuous shifts towards decolonisation and re-Sinicisation within the 'One Country, Two Systems' framework. This perspective contrasts with existing literature on Hong Kong that emphasises the maintenance of the colonial status quo and points out abrupt changes due to the 2019 protests and the 2020 National Security Law. By analysing the reconfiguration of governmentality in the higher education systems of these post-colonial Chinese societies amid changing political landscapes, the article sheds light on both the incremental changes and significant moments influencing the trajectory of higher education development in Hong Kong and Macao.