HSBC and Standard Chartered back China’s imposition of security law on Hong Kong

HSBC and Standard Chartered banks gave their backing to China’s imposition of a national security law on Hong Kong on Wednesday in a break from their usual policy of political neutrality.

Now Europe’s largest bank, HSBC has its origins in Hong Kong, a British colony until 1997. It has previously avoided weighing in on the political situation there in recent months, while facing increased calls in Chinese state media to make its position clear.Mr. Wong, a member of the Chinese People’s Political Consultative Conference, told the official Xinhua news agency in an interview published on Wednesday he hoped the law could bring stability to Hong Kong.

HSBC was caught up in Hong Kong’s months-long anti-government protests, with its branches vandalized and bronze lion statues outside its headquarters defaced during a protest march on Jan. 1. The city was rocked by unrest last year by pro-democracy protesters fearing an erosion of those freedoms by Communist Party rulers in Beijing. China denies this and accuses the West of stirring up trouble.British Prime Minister Boris Johnson said London would not walk away from the people of Hong Kong if China imposed the new law.

globebusiness Yeah so do most, it makes sense if you actually read it. The West is whining because it helps against foreign meddling.

globebusiness Duh. Both banks have significant risk in opposing the Chinese government. Just look at the financial footprint they both have in China.

globebusiness This is only the beginning. Companies are forced to take side. Later China might as well force them to donate their asset, interfere with their operation worldwide, effectively taking over the companies. China must stop its invasion of Hong Kong.

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