In a break from their policy of political neutrality, Asia-focused British lenders HSBC and Standard Chartered have thrown their weight behind China and its new national security law for Hong Kong.
HSBC said in a Chinese social media post that the bank «respects and supports all laws that stabilize Hong Kong's social order,» while its Asia-Pacific chief executive Peter Wong signed a petition backing the law.
Standard Charted said the law would «help maintain the long term economic and social stability of Hong Kong,» «Reuters» reported on Wednesday.
Two banks depend heavily on Asia for their operations. In 2019, about half of HSBC's revenue was generated in Asia. The share for Standard Chartered was even higher, at 68 percent.
Criticized by Former HK Chief
HSBC was previously criticized by former Hong Kong chief executive Leung Chun-ying, who said in a Facebook post (in Mandarin) that the bank should declare its stance on the law.
«The self-proclaimed British bank cannot afford to make Chinese money while following the West in doing things that undermine Chinese sovereignty, dignity and people's feelings,» Leung said.
Leung is now a vice-chairman of the Chinese People’s Political Consultative Conference, a Beijing advisory body that meets in parallel with China’s parliament.
Breach of Agreement
On 28 May, the National People’s Congress passed a new security law intended to prevent, stop and punish acts in Hong Kong that threaten national security including secession, subversive activities, foreign interference and terrorism.
The U.K. has called the law «authoritarian» and a breach of the «one country, two systems» principle guaranteed in the 1984 Sino-British Joint Declaration.
