HSBC Holdings PLC (LON:HSBA) and Standard Chartered PLC (LON:STAN) have both backed controversial national security laws for Hong Kong, saying the legislation will help maintain stability in the territory.
The laws, which supposedly target secession, subversion, terrorism and foreign interference, were approved by Chinas rubber stamp parliament last month following almost a year of pro-democracy protests and legislative gridlock in the citys parliament.
The legislation has attracted criticism from international human rights groups as well as opposition politicians in Hong Kong, who fear the laws will be used to silence opposition to the Chinese Communist Party.
In a statement on Chinese social media site WeChat on Wednesday, HSBCs Asia chief executive Peter Wong said the bank will “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.”
Meanwhile, Standard Chartered said they believed the new laws will “help maintain the long-term economic and social stability of Hong Kong".
The backing of the two UK banks, both of which derive significant portions of their profits from the Chinese and Asian markets, follows critiRead More – Source