FACTBOX-Reactions to details of Hong Kong's new national security law

More importantly, it's almost like Beijing's hand is right in the centre of the administrative and judiciary wing of Hong Kong. "The chief executive will be empowered to pick her own judges to trial cases of national security but what are the details?" Steven Leung, Hong Kong-based sales director, UOB Kay Hian: "Overall, I think the financial markets have been expecting an outcome like this, so it doesn't come as a huge surprise.

Following are reactions to the details of draft national security legislation for Hong Kong that were unveiled by Beijing on Saturday.

Angeline Chan, Solicitor and Progressive Lawyers Group Convenor: "(Hong Kong leader Carrie Lam) to cherry pick judges is one of most concerning things for us. It’s an act to import political elements into the judiciary system which is supposed to be impartial.

"(Lam) should not be entitled to cherry pick judges in the name of protecting national security." Moh Siong Sim, a currency analyst at the Bank of Singapore:

"We may have to wait to see how the U.S. responds to the latest developments, which could matter to markets. "It will be interesting to see how this squares with the latest positive headlines on the Phase One trade deal."

Song Seng Wun, economist at CIMB Private Bank in Singapore: "Since Hong Kong is an inseparable part of China, the new law only matters to those who intend to undermine the rule of law of China & Hong Kong.

"For the average person, life goes on. Should investors look at HK any differently? Are they at any risks? Can they still "make money" as they used to because of this new law? Since the answer is that they can still make money as they used to, in this financial centre, then worries about Hong Kong being undermined by this new law are greatly exaggerated." Fred Hu, chairman of Primavera Capital Group:

"It is reassuring that judges in Hong Kong will hear cases under the national security legislation. It isn't surprising that the National People's Congress retains the power to interpret the law. "As long as the NPC refrains from interfering with the Hong Kong court decisions most of the time - that is, it chooses to intervene rarely in only exceptional cases - then the general public and the business community in Hong Kong should be just fine to live with the new national security legislation regime.

"It seems the worst fears people have had about the (law) aren't validated, at least judging from the law's key features." Simon Young, a barrister and professor at the University of Hong Kong's law school:

"From these initial details, this new law presents unprecedented legal questions that we will have to confront in coming years." Giving the city's chief executive the power to allocate judges in national security cases would "encroach on something we would say is part of judicial power."

Ken Cheung, chief Asian FX strategist at Mizuho Bank, Hong Kong: "I don't see a lot in this right now. China's action was within expectation. More important now is the U.S. reaction. At this point I think the impact is neutral. This doesn't change a lot right now."

Alvin Yeung, a pro-democracy lawmaker: "Most worrying is it lacks details when it comes to specific criminal action and that remains highly vague which is of course extremely worrying. More importantly, it's almost like Beijing's hand is right in the centre of the administrative and judiciary wing of Hong Kong.

"The chief executive will be empowered to pick her own judges to trial cases of national security but what are the details?" Steven Leung, Hong Kong-based sales director, UOB Kay Hian:

"Overall, I think the financial markets have been expecting an outcome like this, so it doesn't come as a huge surprise. We have been talking about this for some time now and despite the markets in Hong Kong have been quite stable. "We haven’t seen huge capital outflows. Hong Kong will remain a global financial centre, don't think that will change in the near term. In a way it's a good thing that the uncertainty around the law has gone now."