Dueling statements at the UN Human Rights Council in Geneva shed light on geopolitical currents far beyond the walls of that institution.
Driving the news: China's Foreign Ministry and state media declared victory after 53 countries backed Beijing's new national security law for Hong Kong. Just 27 criticized the law, which imposes harsh penalties for vaguely defined political crimes and is widely viewed as the death knell for Hong Kong's autonomy.
The Senate approved a bill via unanimous consent on Thursday that authorizes sanctions on Chinese officials involved in implementing Hong Kong's draconian new national security law, in addition to banks and firms that do business with them.
Why it matters: The bill, which passed the House unanimously on Wednesday, is part of the United States' bipartisan rebuke of China's passage of the security law, which encroaches on Hong Kong's independent legal system by setting harsh punishments for broadly defined crimes associated with protests.
The romance between private equity and Hong Kong may be over, before it even had a chance to begin.
The state of play: Hong Kong officials in February announced plans to introduce a new carried interest tax scheme that is expected to be one of the world's most generous. This came on top of Hong Kong's existing effort to implement a limited partnership fund regime — all of which could make the city a more viable alternative to the Cayman Islands, particularly for Asia-focused funds.