There is a high chance for the bill to be passed ( very high bipartisan support tbh) BUT as US might have realized after decades of diplomacy with China - China will not bite back quick. It will bite rather in the distant future. Iran, Venezuela, UN, North Korea, Russian alliance etc ... there is a lot China can do to scuttle the US "dream" for the world. China can help Iran accelerate its Nuke program like it was on rocket fuel. China can supply North Korea ("accidentally") with huge lumber trucks that can be repurposed as TEL again. China can give the Levant region a boost by helping its development. China can scuttle any/all UN moves by US using the veto.China can decide of monetary and trade policies that leave out US interests. China can step up its Russia bonhomie. Help out Venezuela. Fund anti-US parties in many developing countries etc.Exactly. , you see how often are these bills get far enough to be put into laws. From this year alone it's less than 1%. Not a surprise that most of the time politicians do what politicians do, mere virtue signal without getting it done. They are probably busy with the new president's impeachment anyway, so this HK bill would most likely face the same fate like all those 7500 dead bills introduced in this year alone.
What you'd get will be a China that is out there for blood. The US would have to decide if it is worth it. Whether their estimation of China was over or under.
Contrary to popular belief, China and US has had great deal of cooperation in many fields. They might have even looked like friends when it came to certain non strategic / non ideological subjects. This bill will erode that trust and convert the frenemy into enemy.