A 59-year-old man was certified dead at the scene. A four-year-old and a pregnant woman were among those hurt.
Video footage showed people lying in the road and members of the public working together to lift up the taxi to rescue a woman caught underneath.
Police said the taxi driver, who was among the casualty figures, was arrested on suspicion of dangerous driving causing death.
The 63-year-old man was suspected of running a red light and driving into the pedestrians, the force said, adding that he had passed tests for alcohol and drugs.
“We will investigate the mechanics of the vehicle, the mental state of the driver and the road’s situation at the time,” said acting chief inspector Tsang Ka-chun.
Transport Secretary Frank Chan expressed his condolences to those injured and the relatives of the deceased man. He said the government had provided assistance to the families concerned.
The crash, which happened at around 11.20am, caused serious traffic congestion in the area.
Last updated: 2021-08-22 HKT 16:13