I don't think it does.
In my opinion, the whole point of HKDL was for Disney to get their foot in the door with the Chinese government. To get an initial resort built on a shoestring budget, run it for a bit, and then negotiate with them for a larger and more elaborate resort (Shanghai). It was just to get the blood going between the two parties. It wasn't meant to innovate or jaw-drop... It was to introduce the Disney style park to the culture, learn from it for a while, and determine what to change for the real goal of Shanghai.
HKDL is a quaint, attractive resort. But it's simply one park that until fairly recently was extremely tiny.
@WDW1974 and I disagree on this topic (it's one of the few!), but for me HK was by far my least favorite Disney resort on the planet. Now, I'll admit I haven't been since the expansion. But when I could walk from the exit of Autopia in Tomorrowland to the opposite corner of the park in Adventureland near the treehouse and Jungle Cruise in well under a minute... That's a problem. When the park guide is listing ridiculous stuff as "attractions" just to pad the numbers, that's a problem. When I was there, I got there at rope drop, and sometime shortly after lunch was already repeating attractions because I had done it all.
I'm sure the Chinese economy played a bit of a role in the lost visitors, but I'm also quite sure that just the size of the park and lack of a large roster of rides and attractions effects it too. And don't forget... Chinese Disney Parks fans are well aware Shanghai is close to opening. It makes good sense that some portion of those people are waiting to visit there rather than another visit to HKDL.
By all accounts, Shanghai looks to be innovative, new, impressive, and DIFFERENT. I'd venture to say there's more discussions going on about how to fix HKDL than there are about worry about Shanghai.