(Alliance News) - Banks HSBC Holdings PLC and Standard Chartered PLC have openly expressed their support for the national security law China will impose on Hong Kong, in spite of opposition from the UK government, the Financial Times reported Wednesday.
The FT reported that in a post on Chinese social media platform WeChat, HSBC said that Peter Wong, chief executive of its Asian unit had signed a petition supporting the legislation.
"We reiterate that 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 stated. HSBC has confirmed the post and its content.
In addition, Standard Chartered said, in a statement made to the FT that "We believe the national security law can help maintain the long-term economic and social stability of Hong Kong".
Both banks have followed the suit of UK trading house Swire Group and Jardine Matheson Holdings Ltd, which both made public statements in support of the law.
https://www.ft.com/content/213c0e2c-f1c7-4637-a0b9-4c3f72709d52
Near the end of May, China's parliament adopted a controversial national security law for Hong Kong, which bypasses Hong Kong's internal legislature to punish acts seen as endangering national security and subverting state power in the semi-autonomous Chinese territory.
Beijing may also set up outposts of mainland agencies in Hong Kong to curb violent protests and what it describes as interference by foreign countries.
The law passed at the end of the annual parliamentary session, the National People's Congress, with 2,878 votes for, one vote against and six abstentions.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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HSBC Holdings (HSBA)
Standard Chartered (STAN)