I used to travel to China all the time for work during my first job in 2008. Those times were super optimistic. Hong Kong was filled with Chinese pride, and it seemed inevitable that China would absorb Taiwan. China had just hosted the Olympics.
I visited Hong Kong late 2018 after many years of not having been there. It was a very different place from the Hong Kong I had visited in 2009-2011. The energy was a bit darker. It almost felt like another Chinese city. I had even been to HK several times when I was in middle school in Taiwan (I was born in America, but was a “reverse import” to Taiwan) as well as a mandarin language tutor during university, and was always amazed by the richness of HK culture from fishing villages in Saikung to bustling life in Tsim Tsa Tsui and in Central with relics of British colonialism. Now many unique elements of HK life had disappeared.
Meanwhile, Taiwan’s value to the Chinese diaspora can’t be understated—it’s a bastion of a mandarin-speaking democracy, or in software terms a hard fork of an alternate reality of what China could have been. It has cultivated its own culture, and retained elements of Chinese culture cancelled during the cultural revolution. It has its own identity from the aboriginal population, the settlers from the dynastic period, Japanese colonization, and influences from the Republic of China refugees (or occupiers, depending on your POV, post 1949 Chinese settlers) and American forces. And since 2018, I’ve seen the Taiwanese double down on their Taiwanese identity and pride, and in many ways Taiwan is the envy of China (also literally).
If I were to live in Asia, it might have once included Hong Kong because of its unique British history. Now I would probably live in Taiwan and Japan.
Edit: Taiwan hasn’t always been a democracy, and the path to democracy hasn’t been easy (just ask America). It’s not perfect like any other well-running democracy, but it’s the closest paragon we have in the Chinese diaspora. The presidency has transitioned peacefully to different parties since the 1990s.