HSBC and Standard Chartered publicly support Hong Kong's National Security Law

HSBC and Standard Chartered publicly support Hong Kong’s National Security Law

HSBC (HSBC) And Standard Chartered (SCBFF) On Wednesday, he noted the support for the Beijing bill that will be imposed on the city in the coming months. Lenders joined other major Hong Kong companies, expressing their support for the law.

HSBC has published a photo on Chinese social media showing Asia Pacific CEO Peter Wong signing a petition supporting law enforcement. The HSBC press office in London confirmed the publication.

“We respect and support laws and regulations that will enable Hong Kong to restore and rebuild the economy, and at the same time, maintain the principle”One country, two systems‘The publication said, referring to the ruling principle that gives the city political and legal freedoms not available in mainland China.

HSBC is headquartered in London, but it is established in Hong Kong and has a large business presence in China. The bank statement comes almost a week after Hong Kong’s former chief executive, Chung Ying, criticized HSBC for his silence.

Leung took to Facebook social networking site (Php) on Friday, Calling on HSBC To publicly express her support To the law. He said the bank should know “which side of the bread is full of butter”.

Hong Kong and China are the biggest winners of HSBC. Last year, divisions withdrew enough money to eliminate losses in the UK and keep the company profitable.

Hong Kong-listed HSBC shares rose 1.6% on Thursday, outperforming the city’s broader Hang Seng Index (HSI)That fell 0.1%.

The UK-based lender Standard Chartered weighed on Wednesday, saying in a statement that the proposed Chinese National Security Law for Hong Kong “could help maintain the long-term economic and social stability” of the city.

The proposed National Security Law Strife, secession and vandalism against Beijing will be banned in Hong Kong, which was last year Anti-government protests disturbed her He called for more democracy and more autonomy from mainland China. Last week, China’s rubber parliament He agreed to a motion to impose the law On behalf of the city, bypassing the Hong Kong Legislative Council through a rarely used constitutional backdoor.

The law would also enable Chinese national security services to operate in the city “to fulfill duties related to protecting national security in accordance with the law.”

Leaders in the United States and Britain criticized the passing of the law as undermining Hong Kong’s independence. The proposal also briefly shook the markets last month, sending the city benchmark Hang Seng Index (HSI) to her The worst day since 2015. And American companies She expressed concern About what the law could mean for the city’s future as a global business hub, especially after Washington responded by signaling an intention to end A special economic and trade relationship With Hong Kong.

However, HSBC and Standard Chartered are among a growing list of the best companies in Hong Kong that have appeared in support of controversial legislation.

Garden Matheson, one of the oldest British trading houses in Hong Kong, issued a full-page advertisement on Wednesday in newspapers supporting Beijing Ta Cong Pao and Wen Wei Po, who have strong ties with the Chinese government.

“The development of the legal framework that supports national security is very important. It ensures that Hong Kong continues to attract investment, enhance employment opportunities and protect people’s livelihood,” the company said.

Swire Pacific (Saray)It is one of the richest family-owned business empires in Hong Kong, and billionaire Li Ka Sheng, founder of telecom and retail company CK Hutchison, has expressed their support for the Chinese move.

“The enactment of national security legislation will be beneficial to the long-term future of Hong Kong as the world’s leading trade and financial center,” Sawyer said.

“It is within every country [sovereign] “The right to address its national security concerns,” Lee from CK Hutchison said in a statement released last week.

“at the same time, [Hong Kong] He has a critical mission to fortify the faith of its citizens and maintain international confidence in the constitutional principle of “one country, two systems”.

Alexandra Lane contributed to this report.

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