torsdag 4. juni 2020

HSBC, Standard Chartered publicly support China's national security law for Hong Kong

Two of Hong Kong's biggest banks are backing a controversial national security law that would drastically broaden China's power over the financial hub. HSBC (HSBC) and Standard Chartered (SCBFF) on Wednesday signaled support for the bill drafted by Beijing that will be imposed upon the city in coming months. The lenders joined other major businesses in Hong Kong voicing support for the law. 

HSBC posted a photo on Chinese social media showing Asia Pacific CEO Peter Wong signing a petition supporting the law's implementation. HSBC's London press office confirmed the authenticity of the post. "We respect and support laws and regulations that will enable Hong Kong to recover and rebuild the economy and, at the same time, maintain the principle of 'One Country, Two Systems'," the post said, referring to the governing principle that gives the city political and legal freedoms unavailable in mainland China.