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.
That's right. They want money to come in their own country but they don't want to go outside china and actually they hate crypto which they can't control including bitcoin.
They just want web3 so they earn money&control the people outside china so they just want to be the first