> a recent Hong Kong transfer that did not result in mass liquidation

No, but there definitely was a much slower gradual repression over a longer period, with a final round of protest repression: https://en.wikipedia.org/wiki/2019%E2%80%932020_Hong_Kong_pr...

> The world, and especially China has agency of its own, it isn't sorely driven by whatever American policy is it's flavour of the week

Amen. A two-pole model is simple and attractive but the rest of the world is also, you know, doing stuff and buying things. America can, for example, preserve its car industry by refusing to allow Chinese EVs, but will gradually discover it has become uncompetitive overseas.