Predictably, Hong Kongers have emerged on the streets defying social distancing orders, this time in response to last Thursday's announcement that Beijing has proposed new security laws for the territory. Since last month, when the new director of China's liaison office in Hong Kong declared that the territory's legal framework for national security must be improved swiftly, it had been obvious Beijing would soon impose new laws to block a repeat of the street protests that swept the island last year. Although the pandemic intervened, fresh protests are also expected ahead of the anniversaries of the Tiananmen Square crackdown on June 4, last year's first big protest on June 9 and Britain's July 1 handover of Hong Kong.

The proposed legislation, like many laws in other parts of the world, will target subversion, terrorism and foreign influence in domestic politics. It will also allow China's intelligence agencies to set up operations directly in Hong Kong. The move stems from recognition that Hong Kong's Parliament will not be able to pass such laws, and underscores Beijing's unease about the protests radiating back to China amid the sharpening geopolitical tussle with the United States. US Secretary of State Mike Pompeo warned that the law would be the "death knell" for autonomy in the financial hub. The near 6 percentage point drop in Hong Kong stocks highlights the apprehensions about the territory's special status. US senators have threatened sanctions on officials and institutions seen as undermining Hong Kong's autonomy.