HSBC and Standard Chartered Bank openly support the National Security Law of Hong Kong, China

HSBC and Standard Chartered Bank openly support the National Security Law of Hong Kong, China

HSBC (HSBC) with Standard Chartered Bank (Budget bureau) Wednesday expressed support for the bill drafted by Beijing, which will be imposed on Beijing in the coming months. The lender joined other major businesses in Hong Kong and expressed support for the law.

HSBC posted a photo on Chinese social media, showing that Huang Guanzhong, CEO of the Asia-Pacific region, supported the law in a petition. HSBC’s London News Office confirmed the authenticity of the position.

“We respect and support laws and regulations so that Hong Kong can restore and rebuild the economy while maintaining ‘One country, two systems“”, the post refers to the ruling principles that gave the city political and legal freedom that was not available in mainland China.

HSBC is headquartered in London, but was established in Hong Kong and has important business in China. Almost a week after Leung Chun-ying, the former chief executive of Hong Kong, criticized HSBC for keeping silent, the bank issued the above statement.

Take the beam Facebook (FB) on Friday, Call HSBC Publicly express its support For the law. He said that the bank should know “which side of the bread is buttered”.

So far, Hong Kong and mainland China are both HSBC’s biggest moneymakers. Last year, these departments absorbed enough funds to eliminate losses in the UK and keep the company profitable.

HSBC’s Hong Kong-listed stocks rose 1.6% on Thursday, outperforming the Hong Kong stock market Hang Seng Index (Hang Seng Index), Down 0.1%.

Standard Chartered, a UK-based interbank, also delivered a speech on Wednesday, saying that China’s proposed Hong Kong national security law “can help maintain Hong Kong’s long-term economic and social stability.”

Proposed National Security Law Will prohibit incitement to rebellion, division and subversion in Beijing in Hong Kong Convinced by anti-government demonstrators Call on mainland China to achieve greater democracy and greater autonomy. Last week, China rubber stamped Parliament Approved the proposal to implement the law Represented Hong Kong and bypassed the legislature of Hong Kong through a rarely used constitutional backdoor.

The law will also enable Chinese national security agencies to “perform in accordance with law the maintenance of national security-related duties” in cities.

Leaders of the United States and Britain criticized the implementation of the law for undermining Hong Kong’s autonomy. The proposal also briefly shaken the market last month and became the benchmark for the city Hang Seng Index (Hang Seng Index) Against it The worst day since 2015. And American companies Express concern What the law might mean for the city’s future as a global business center, especially after Washington’s response by sending a signal that it intends to terminate its development Special economic and trade relations With Hong Kong.

Even so, HSBC and Standard Chartered Bank are still among the top growing companies in Hong Kong, and these companies have shown support for controversial legislation.

Jardine Matheson, one of Hong Kong’s oldest British trading companies, published full-page advertisements in the pro-Beijing newspapers Ta Kung Pao and Wen Wei Po on Wednesday, and has close ties with the Chinese government.

The company said: “It is very important to establish a legal framework for maintaining national security. It can ensure that Hong Kong continues to attract investment, increase employment opportunities and protect people’s livelihood.”

Pacific Pacific (Sweep)Li Ka-shing, a billionaire and founder of CK Hutchison, one of Hong Kong’s richest family-owned business empire, also expressed support for China’s move.

Swire said: “The enactment of national security laws will be beneficial to Hong Kong’s long-term future as the world’s leading commercial and financial center.”

“It’s inside every country [sovereign] The right to solve its national security problems. “Li of Hutchison Whampoa said in a statement issued last week.

“at the same time, [Hong Kong] His mission is of utmost importance to safeguard the beliefs of his citizens and the international trust on the constitutional principles of “one country, two systems.” ”

-Alexandra Lin contributed to this report.

Leave a Reply

Your email address will not be published. Required fields are marked *