China is attempting to tighten its grip on Hong Kong.
Chinese officials have said they're ready to bring new legislation to the National People's Congress, which begins this week, which would give Beijing more control over security in the semi-autonomous region of Hong Kong.
"So Beijing is dispensing with any pretense that Hong Kong governs itself. It says it got 'frustrated' with waiting for the proper legal process to occur. It would be, I suppose, similar to the federal government bypassing states altogether and writing a sedition law, perhaps with capital punishment, directly into the state constitution of all 50. It would mean the end of any power for state governments," wrote Real Money's Andrew Frew McMillan in a Real Money column about what the news laws would mean for Hong Kong.
"Hong Kong, which guarantees free speech, has a totally different view of what kind of conversations about the government are allowed. Mainland China restricts free speech massively, censors discussion, leaving no one comfortable in criticizing the Communist Party in public. You can get locked up for decades for doing so, potentially executed. The international coverage of this issue is being blacked out on TV screens and blocked online as I write," he continued. Read more here.
So, what does this mean for the stock market? Jeff Marks, senior portfolio analyst with Jim Cramer's Action Alerts PLUS, joined TheStreet's Katherine Ross on Street Lightning to talk about the impact.
Jim Cramer is off on Friday.
You can follow Katherine Ross on Twitter at @byKatherineRoss.