Regarding HK - no surprises here, but I think how determined and harsh those measures turned out to reflect how worried the PRC is about internal stability. Given the nationalism dial is turned up now helping stability on the mainland, this seems less like a reaction to current conditions and more of a preparation for when the tough times come in the long, upcoming struggle vs the US and its allies, and in particular, the high likelihood that economic conditions deteriorate significantly, which is the tinder that sparks unrest everywhere.