Hong Kong was a lost cause to begin with. With China having full sovereignity over Hong Kong and the Sino-British Joint Declaration being useless (not enforceable in practice and not even violated, at least on paper), the West could do little more about Hong Kong than about Xinjiang or Tibet.
The molehill -> mountain issue of Hunter Biden's association with a Chinese private equity fund will raise lots of loud rhetoric, but more for partisan in-fighting than action against China.
Meanwhile the US, the West, Corporations will pay lip service to decrying human rights violations and labor conditions. China will accept this as the need to save face, while any stronger action will be avoided to prevent China from flexing its economic muscles against the corporations or countries that rely on their exports. No company wants to be the next hotel chain forced to temporarily take down their website & issue an embarrassing apology. No country wants to be the next Japan, cut off from rare earth exports.
Just look at Hong Kong: Sure the US has receded from such issues in the last 4 years, but it's not like any other country did anything more than express their displeasure in various diplomatically acceptable ways.