"Another less damaging option is for the NPC Standing Committee, the country’s top legislative body, to reinterpret some colonial ordinances and turn them into a de facto national security law, a source familiar with the discussion said." This doesn't make sense. The NPC Standing Committee does not have the authority to interpret or re-interpret HK legislation of any kind, colonial or not. It has the authority to interpret NPC and NPCSEC legislation, e.g., the Basic Law.
"Another less damaging option is for the NPC Standing Committee, the country’s top legislative body, to reinterpret some colonial ordinances and turn them into a de facto national security law, a source familiar with the discussion said." This doesn't make sense. The NPC Standing Committee does not have the authority to interpret or re-interpret HK legislation of any kind, colonial or not. It has the authority to interpret NPC and NPCSEC legislation, e.g., the Basic Law.
NPCSEC --> NPCSC.