People from all walks of life attend a campaign in support of the national security legislation for the Hong Kong Special Administrative Region in Hong Kong, south China, May 24, 2020. (Xinhua/Lui Siu Wai)

"ONE COUNTRY, TWO SYSTEMS" NOT CHANGED

Under "one country, two systems," Hong Kong, as a special administrative region of China, has a high degree of autonomy and retains its own capitalist system and lifestyle.

Speaking to the press after the legislative session, Chinese Premier Li Keqiang said "one country, two systems" is China's basic state policy, and the decision is designed for the policy's steady implementation.

Chief Executive of the Hong Kong Monetary Authority Eddie Yue said the legislation will not bring any change to the fundamentals of Hong Kong's monetary and financial system.

The free flow of capital and free convertibility of the Hong Kong dollar will continue to be safeguarded by the Basic Law of the HKSAR, Yue said.

Neither will the legislation change Hong Kong's legal system.

"Under the Basic Law, judicial independence is guaranteed, and this will continue as before," said Grenville Cross, former director of public prosecutions of Hong Kong.