I had high hopes for China's future back when I lived there but that is no longer the case with the current government.
To expand, Xi is a leader for life [1]. China is best modelled as a large, wealthy dictatorship which will act to keep its narrow leadership in power. This is very different from the long-term planning which characterised its growth when it was capable of peaceful transitions of power.
Pushing this legislation (or kidnapping bookstore owners publicising corruption amongst Beijing’s elite [2]), for China, is stupid. It stokes a vocal, organised opposition to Beijing. It also makes clean integration in ‘47 less likely. (The fraction of Hong Kong residents identifying as Chinese versus Hong Kongese has plummeted in the last few years [3].) From the perspective or keeping Xi in power, however, the ham-fistedness makes sense.
[1] https://www.bbc.com/news/world-asia-china-43361276
[2] https://en.m.wikipedia.org/wiki/Causeway_Bay_Books_disappear...
[3] https://www.reuters.com/article/us-hongkong-anniversary-idUS...