Protest in Hong Kong has not been stopped since it was returned back to China in 1997. Queen's Road, which is the longest road that goes across half of the Hong Kong Island. It also passes through a lot of important places like the Government's Complex, to "The Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region". It seems like this song is only talking about a very long road in Hong Kong on surface, but it is actually implying the changes that the Great Britain brought to this eastern city and how it is going to be different as it is returned back to the hands of China.
Writer's comments on some of the lyrics:
Road is like the path you walk in your life, the Great Britain is the creator of the world's capitalistic idea... The song starts from Queen's Road West, which is the Great Britain, and when the Great Britain came to the east, it becomes Queen's Road East, which is Hong Kong. From Queen's Road East to Queen's Road Centre, that becomes China. (The literal translation of "China" is the country in the middle of the world) I hope that the idea capitalism can one day be accepted and brought to China from Hong Kong.
Some lyrics explanation:
No palace=Hong Kong has freedom, not one party system
Crowds rush in like waves=Hong Kong Mass Migration Wave
Noble friend=Queen Elizabeth the Second
Have its name changed=The Communist Party of China has been changing the names of the roads and places after the Civil War. Like in Tianjin, the road "Victoria Road" had been changed to "Jiefang (librate) North Road"
The takeover=1997 July 1, Transfer of sovereignty over Hong Kong
FYI: this song is banned in China