Kowtowing to Beijing does not help HSBCBeing caught in the middle of the political tensions between China and the US, HSBC is under fire from all sides.
In late May, CY Leung, former Chief Executive of Hong Kong, publicly criticised HSBC for not immediately expressing its stance on the national security law and pressured the UK-based bank not to “damage China’s sovereignty, dignity, and the feelings of the people.”
A few days later, the bank released a photo showing the Asia Pacific CEO Peter Wong signing a petition in support of the controversial law.
But HSBC's belated support has failed to please the CCP. In a series of articles, the Chinese state mouthpiece Global Times said that the bank “needs to show greater sincerity to express its position on US-China tension and the national security law,” and that it is “far from safe from reprisals.”
China has long accused HSBC of having set a “trap” for Huawei's CFO Meng Wanzhou. Citing "legal experts", Global Times warned that HSBC is not innocent and could be regarded as "a criminal set to face sanctions under Chinese law."
At the same time, HSBC’s endorsement of the law also drew heavy criticisms from Western politicians and rights groups. The US Secretary of State Mike Pompeo slammed the bank for its “corporate kowtow”, which seemed “to have earned HSBC little respect in Beijing.” British MP Tom Tugendhat also questioned why HSBC chose to “back an authoritarian state’s repression of liberties and undermining of the rule of law.”
From Cathay Pacific to HSBC, Beijing sends a clear message to all businesses: if you want to make money in China, you can only side with the #CCP and there is no such thing as political neutrality.
#HSBC #kowtow
Sources:https://news.mingpao.com/pns/%E7%B6%93%E6%BF%9F/article/20200604/s00004/1591210019253/%E8%A2%AB%E6%89%B9%E6%B2%89%E9%BB%98-%E5%8C%AF%E8%B1%90%E7%8E%8B%E5%86%AC%E5%8B%9D%E7%B0%BD%E5%90%8D%E6%92%90%E5%9C%8B%E5%AE%89%E6%B3%95CNN, 10 Jun
https://edition.cnn.com/2020/06/10/business/hsbc-china-national-security-law-intl-hnk/index.htmlGlobal Times (Chinese state media) 4, 9, 12 Jun
https://www.globaltimes.cn/content/1190482.shtmlhttps://www.globaltimes.cn/content/1191093.shtmlhttps://www.globaltimes.cn/content/1191436.shtmlReuters, 29 May
https://www.reuters.com/article/us-hongkong-protests-hsbc-hldg/former-hk-leader-calls-out-hsbc-following-uk-criticism-of-security-law-idUSKBN2351K3