Many in the western business community are still hoping they can keep their heads down and continue to benefit from Hong Kong’s unique position in the world.

They are wrong — from a moral as well as a practical perspective.

Hong Kong is now the main battleground in an escalating cold war between China and what is left of the US-led liberal world order. Beijing’s decision to ignore the damage to its global reputation and defy its international treaty obligations under the Sino-British Joint Declaration on Hong Kong shows the Chinese Communist party already believes this.