Even after its national security law effectively stifled protest in Hong Kong, China's rulers show no sign of letting up the pressure on the former British colony.

In the last two months, Beijing enacted new legislation to make it nearly impossible for pro-democracy activists to run for the city's Legislative Council and Hong Kong's authorities indicted 47 leaders of the protest movement on dubious charges under the new national security law.

On the surface, China's suppression of Hong Kong's pro-democracy movement may please its loyalists, such as business tycoons and senior government officials. After all, the restoration of stability should help sustain the city's status as a dynamic global commercial hub and allow its leaders to govern without Beijing breathing down their neck.