The Chinese leadership is just wrapping up its annual two week planning session in Beidaihe, where Hong Kong was surely a major topic.
As many of the individuals involved have substantial economic interests in Hong Kong, often via family members, they are personally motivated to find a solution that does not destroy that wealth. Consequently a military crackdown seems counterproductive.
That would suggest the current policy of using the police will remain in effect, with the expectation that the disorganized nature of the protests will ensure they gradually fade, much as the Gilets Jaunes in France have.