To manage the fund, Yahoo partnered with Harry Wu—a noted Chinese dissident turned powerful anti-China activist—and his nonprofit, the Laogai Research Foundation. But Wu grossly mismanaged YHRF, spending less than $650,000—or 4%—of the fund’s total $17.3 million on support for online dissidents, according to the current lawsuit. One year, YHRF allegedly spent $0 on what was meant to be its primary purpose. (Some defendants contest these calculations.)
Not really in all honesty, China needs a financial capital for the time being, and Shanghai has worked perfectly for that. Little changed has happened there, and it is a major international hub, so the influence persists.
Hopefully in the near future.