I mean, I don't think they've had much effect, to be honest. I think, sadly, the Chinese Communist Party doesn't really care what much of the world thinks of their actions in Hong Kong, and they've set themselves on a path now to dismantle Hong Kong regardless of what actions we take. That being said, there has to be a price paid for what they're doing in Hong Kong, and it's up to like-minded democracies to make sure that there is a price.
On May 4th, 2021. See this statement in context.