To be fair, we are talking about a relatively small number Shanghainese elites (tens and thousands within a city of 30 million) who happily serve their white masters. The reason these Shanghainese white worshipping elites stand out is because they own enormous wealth is a result of trading with western companies (as Tenstar pointed out). Such material benefits from west combined with their innate worshipping of the West and anti-communism (probably as a result of memories of Cultural Revolution) likely caused them to become the white worshippers they are today. Yet I totally understand it is unreasonable to say most Shanghainese are white worshippers. There are 30 million Shanghainese, and most are just ordinary Chinese citizens like the rest of the country. Unlike HK, Shanghai also contributes its tax incomes to subsidise the rest of the country, so the rest of China actually owns patriotic Shanghainese taxpayers (excluding those who move their assets to overseas tax havens) a big Thank You. In fact, I would argue that there are many more white worshippers in HK than in Shanghai. It is just that the white worshippers in Shanghai stand out due to their outsized wealth, influence, and ability to translate their wealth into much louder voice among China’s liberals; and thus, having an outsized ability to shape political narratives.
Now, maybe we can see some similarities between MAGA’s hatred toward Wall Street Globalists and ordinary working class Chinese’s disdain toward these white worshipping Shanghainese elites. Both elites try to evade tax, whilst seeking dominant political voice within their own countries. Both benefitted from globalisation by making themselves richer, whilst marginalising their own blue collar countrymen.