Thousands march in Hong Kong against proposed law allowing extraditions to mainland China

Police estimated that about 22,800 people marched at the peak of the demonstration, a spokeswoman told CNBC on Monday. Organizers put the figure far higher at about 130,000, according to local media reports.

The impetus for the proposed legal change came after a murder in February last year allegedly committed by a Hong Kong citizen in Taiwan. It highlighted not only Hong Kong's lack of an extradition mechanism with the self-governed island, but also with the Chinese mainland and nearby Macau, which is also a semi-autonomous Chinese region.

"We strongly believe that the proposed arrangements will reduce the appeal of Hong Kong to international companies considering Hong Kong as a base for regional operations,""Hong Kong's international reputation for the rule of law is its priceless treasure," the business group added.

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