HSBC refuted «groundless» rumors about its potential exit from China after state-backed media in the mainland reportedly made the suggestion over ongoing controversies involving the British.
«Going forward, we will continue to invest in our China business, services, talents and technology,» the bank said in a post on its official WeChat account. «As always, we will continue contributing to the sustainable development of China’s economy.»
State-backed media «Global Times» reportedly said that the bank’s recent resumption of planned job cuts «may mark the beginning of the end for the embattled British bank in China», citing an unnamed Beijing «observer» who said that the bank could be pushed out of the mainland market over the Huawei inquiry.
«The Beginning of the End»
HSBC has been spotlighted by mainland media, politicians and netizens over numerous politically sensitive issues. In addition to its role in the Huawei inquiry, the bank was also called out by former Hong Kong chief executive Leung Chun-ying for making «money while following the West in doing things that undermine Chinese sovereignty, dignity and people's feelings».
According to HSBC, China remains «an important strategic market» and that the bank has always been a «staunch supporter and active participant» in the country’s market-opening over the last four decades.
«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’,» HSBC said in its post last week. «We are fully committed to playing our part in supporting Hong Kong now and in the future.»
