On a more macro issue, it's also existential for the CCP because it shows the Chinese people (I'm talking the entire worldwide diaspora of people who call thems

On a more macro issue, it's also existential for the CCP because it shows the Chinese people (I'm talking the entire worldwide diaspora of people who call themselves Chinese) that there are indeed ways forward socially, culturally, technologically, economically, and most importantly, politically that are valuable to society that don't involve the CCP. Hong Kong was a threat because it showed Chinese people directly that economic growth was possible without the CCP.