Hundreds arrested in Hong Kong protests, as analysts weigh in on national security law’s impact

About 370 protesters were arrested in Hong Kong on Wednesday — 10 of them were apprehended for breaching the new security law just one day after it took effect. The new law came into force late Tuesday night, hours after the top decision making body of China’s parliament passed the controversial legislation.

Police used water cannons to disperse thousands of demonstrators in Hong Kong who poured out into the streets. In some cases, the protests turned violent. Seven officers were injured while on duty, police said. Opponents of the law say it undermines the city’s autonomy that was promised when Hong Kong was handed over from the U.K. to China.

Critics say the new law grants the central government in Beijing sweeping powers to clamp down on dissent in the Chinese territory, which saw more than a year of protests that sometimes turned violent.

But analysts say it may be premature to draw conclusions about its impact on Hong Kong. Whether the new law affects Hong Kong’s attractiveness as a leading financial center will depend on the implementation of the legislation, said Tim Summers, a senior fellow at think tank, Chatham House.

The legislation could have a “chilling effect” on international business sentiment, making it more difficult to attract overseas capital and talent, Nick Marro, global trade lead of The Economist Intelligence Unit, said in a note on Wednesday.

Hundreds arrested in Hong Kong protests, as analysts weigh in on national security law’s impact, CNBC, Jul 2