Regarding the specific situation in Hong Kong, it has been a major hub for crypto-related activities, including exchanges and blockchain projects. China invests a lot of resources in that.
Both China and the US have shown interest in blockchain technology, but their approaches and regulatory philosophies differ. The US has taken a more cautious and fragmented regulatory approach, with various regulatory bodies involved. China, on the other hand, tends to have a more centralized and controlled approach, mostly because of their politics.
China have some interesting statistics about producing almost 60% of world's goods, their perspectives are limitless imo.