HSBC, Standard Chartered, publicly supports Chinese national security law for Hong Kong
HSBC posted a photo on Chinese social media showing the Asia-Pacific CEO Peter Wong signing a petition supporting law enforcement. HSBC’s London press office confirmed the authenticity of the post.
HSBC is headquartered in London, but was established in Hong Kong and has a large business presence in China. The bank’s statement comes nearly a week after former Hong Kong CEO Leung Chun-ying blew up HSBC for silence.
Hong Kong and China are by far the largest producers of HSBC money. Last year, the divisions withdrew enough money to eliminate losses in the UK and leave the company profitable.
His UK counterpart, standard chartered lender, also measured the decision on Wednesday, saying in a statement that Chinese national security law for Hong Kong “can help maintain the city’s long-term economic and social stability”.
The law will also allow Chinese national security authorities to operate in the city “to fulfill relevant national security protection duties in accordance with the law.”
Nevertheless, HSBC and Standard Chartered are among the growing list of the best companies in Hong Kong that have emerged in support of the controversial legislation.
Jardine Matheson, one of Britain’s oldest trading houses in Hong Kong, published a full-page ad on Wednesday in the pro-Beijing newspapers Ta Kung Pao and Wen Wei Po, who have strong ties to the Chinese government.
“Establishing a legal framework that supports national security is very important. It ensures that Hong Kong continues to attract investment, increase employment opportunities and protect people’s lives,” the company says.
Swire said “the enactment of a national security law will be beneficial for Hong Kong’s long-term future as the world’s leading business and financial center.”
“It simply came to our notice then [sovereign] the right to address their national security issues, “Li of CK Hutchison said in a statement issued last week.
“In the meantime, [Hong Kong] it has a key task to strengthen the faith of its citizens and maintain international confidence in the constitutional principle of ‘one country, two systems’, ”he added.
– Alexandra Lin contributed to this report.
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