https://www.wsj.com/articles/china-legislature-to-consider-draft-bill-on-establishing-framework-for-national-security-law-in-hong-kong-11590068208
HONG KONG—China signaled it will impose new national-security laws on Hong Kong, dealing a blow to the territory’s autonomy as Beijing seeks to stamp out widespread pro-democracy protests that have challenged leader Xi Jinping.
A spokesman for China’s legislature, which starts a weeklong session Friday, said lawmakers will review a resolution on “establishing and enhancing the legal framework and enforcement mechanisms for safeguarding national security” in Hong Kong.
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This could be the consequence of last year's movement against the legislation of extradition law. And while there are quite a resistance from the normal Hong Kong people, HK government has given unlimited authority for police to do whatever to use violence against protesters.
And then it gradually drawed some attentions from US and Europe while CCP decides to not let this going any further.
How will the "national security law" affect Hong Kong?
1) As part of joint declaration between PRC and United Kingdom, PRC has promised to run a one country, two system to keep Hong Kong being a Special Administrative Region, staying away from Communism, having a mini constitution called the Basic Law, and promise Hong Kong unchanged for 50 years after the turnover in 1997.
2) The agreement of Joint Declaration is kept in archive in United Nation. ( Think about the recent agreement between US and PRC )
3) Due to point 2), USA has treated Hong Kong differently from PRC all along until this moment. According to Wikipedia,
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U.S. policy toward Hong Kong, grounded in a determination to promote Hong Kong's prosperity, autonomy, and way of life, is stated in the U.S.–Hong Kong Policy Act of 1992, which stipulated that the U.S. would continue to treat Hong Kong apart from the People's Republic of China even after the 1997 transfer of sovereignty marking the end of British rule. The United States maintains substantial economic and political interests in Hong Kong. The United States supports Hong Kong's autonomy by concluding and implementing bilateral agreements; promoting trade and investment; arranging high-level visits; broadening law enforcement cooperation; bolstering educational, academic, and cultural links; and supporting the large community of U.S. citizens and visitors.
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4) Back in 80s, the CCP leader Deng XiaoPing would like to have Hong Kong as a prime example and as an example for Taiwan. It fails miserably.