Hong Kong is still extremely important to the CCP. Tariffs can be reduced by first moving exports through Hong Kong because of a first sale rule[0]. The recent bill passed in the US congress puts some of these rules under scrutiny[1].

[0] - https://asia.nikkei.com/Economy/Trade-war/Hong-Kong-s-tariff... [1] - https://www.congress.gov/bill/116th-congress/senate-bill/183...