How do people feel about HSBC supporting China's new Hong Kong national security law?

London7766551

phillw said:

London7766551 said:
What China does is up to China, I have no problem buying or using Chinese products in general, what gets my back up is HSBC (a UK based bank) is supporting the Chinese government over the British one. 

What has it got to do with the British Government?
It's rather ridiculous that at the time the British Government are saying they need to take control of their own laws and not be dictated to by foreign governments that they have authority to interfere with the Chinese government taking control of their own laws.

Indeed as I have already said, what China does in China, is no concern of mine. As long as it does not interfere with the UK. However, we have a British company based in Britain, which is a very liberal and modern society, backing a facist law. In my view you cannot be based in the UK and back such a thing. It is time for HSBC to leave, and I suspect this will occur soon. 

I don't see what Brexit has to do with anything, the two cannot be compared and are entirely different. Hong Kong is China. It is one country. However the law it has introduced is deliberately over the top. It is making a statement to the world. The EU is not a country. What has it got to do with the government? well I am British, I am not going to support a Chinese government over my own I'm afraid. I don't agree with many things our government does, but in this matter they are correct. We had a deal with China, if they break this are we not meant to say anything?

London7766551

phillw said:

kaMelo said:
What China has done is rip up an international agreement, imposed it's will over the democratic will of the Hong Kong nationals.

International agreements are voluntary, until they're not. Like being a member of the EU, which our Goverment is gleefully ripping up.
Sucks to be from Hong Kong right now obviously, but then being from mainland China seems to be pretty bad too.
I just think it's laughable for someone to state they don't blame the Chinese government for what is happening, but blame HSBC for not condemning it when someone from the British Government says they should.
China have seen how weak the UK is post brexit and is taking back control. It should be a lesson to you on unintended consequences and bias.

We have a case of Brexit psychosis with this post. If it doesn't get your back up when a British company based here, in our society, backs a foreign law which can put you in jail for life just for waving a flag, then something is wrong. I don't say we should state to China how it runs its affairs, I don't like how the people are treated, but Hong Kong is in China. The fact that they are going off the deal we made with them, and that HSBC is backing it, is not a good thing. It has nothing to do with Brexit. We are not asking China to follow any British laws. We are saying to them that the law they have introduced is extreme, we don't like it and have concerns. Of course China has not listened to us, and I would not expect them to listen. But we can't have a British based company publicly backing this law. Regardless what you think of the UK government. It is not a sustainable situation. 

Uxb1

For HSBC the problems may occur depending on what the USA Gov does.
If the USA does not give a monkeys then everything will be forgotten after a bit (a bit like when India invaded and annexed the enclave of Goa in 1961 from the Portuguese - is anyone bothered now: nope)
Alternatively if the USA is indeed really concerned and moves to ban supportive organisations from the international USA dollar market then that could indeed be major bad news for HSBC in the western world parts of operations.
For the USA the calculations are nuanced, it may not like China at the moment but the parallels of China absorbing HK and the Israeli's proposals to do much the same to the W.Bank settlements make it all a bit awkward. So it might well sit out the H.K situation and makes noises and do not much.

Thrugelmir

Uxb1 said:

For HSBC the problems may occur depending on what the USA Gov does.

US influence is on the wane. Another Empire has had it's day. 

London7766551

Uxb1 said:

For HSBC the problems may occur depending on what the USA Gov does.
If the USA does not give a monkeys then everything will be forgotten after a bit (a bit like when India invaded and annexed the enclave of Goa in 1961 from the Portuguese - is anyone bothered now: nope)
Alternatively if the USA is indeed really concerned and moves to ban supportive organisations from the international USA dollar market then that could indeed be major bad news for HSBC in the western world parts of operations.
For the USA the calculations are nuanced, it may not like China at the moment but the parallels of China absorbing HK and the Israeli's proposals to do much the same to the W.Bank settlements make it all a bit awkward. So it might well sit out the H.K situation and makes noises and do not much.

According to the news, the US government is going to put further sanctions on China/Hong Kong to restrict the ability of western businesses to operate in the country. So if this is signed by Trump (I understand the US lawmakers have already approved it) then these banks will have a hard time you can be double sure.

https://www.france24.com/en/20200703-china-hong-kong-bank-sanctions-security-laws-one-country-two-systems

The U.S. Senate unanimously approved legislation on Thursday to penalize banks doing business with Chinese officials who implement Beijing's draconian new national security law on Hong Kong, sending it to the White House for President Donald Trump's signature.
The House of Representatives on Wednesday also passed the bill without opposition, a rare example of overwhelming bipartisan support reflecting concern over the erosion of the autonomy that had allowed the former British colony to thrive as China's freest city and an international financial center.

The bill calls for sanctions on Chinese officials and others who help violate Hong Kong's autonomy, and financial institutions that do business with those who are found to have participated in any crackdown on the city.

The United States has already begun eliminating Hong Kong's special status, halting defense exports and restricting the territory's access to high-technology products. 

Thrugelmir

Trump wants US companies to move manufacturing back home. The spate with China extends far beyond the Hong Kong issue. Just another brick.  

Jeems

90% of HSBC's profits are made in Asia, the majority being in HK.

The strategy has always been to pivot to Asia and China in particular and this has been happening for the past few years.

China have made it clear that foreign banks will never gain a major foothold in the mainland and if HSBC want bigger access to the market, they'll need to move their HQ to China.

Bear in mind, HSBC only moved their HQ to the UK to gain a UK banking license when they took over Midland.

As China continue to exert more influence on HK, they could take away HSBC's HK banking license and then its bye bye. Refer back to my point about where their profit is made.

Definitely stuck between a rock and a hard place, and I fully undersand why HSBC support the new law.

coachman12

I don't care what HSBC do-----their current statement is simply to be expected by a Chinese puppet.
The UK most certainly does have responsibilities , following its dragging a backward territory from poverty to riches back when China was a third world bankrupt and feudal peasant land. Of course, UK cannot stand up to what is now the newest super-power, but it was a nice little gesture , which made China lose face ( and it hates that more than anything), that we extended the passport issue to over 3 million Hong Kongers. We may be a sorry little island now in geopolitical terms but we are still full of ideas due to our expertise in diplomacy.
HK is inevitably doomed as it comes under the iron fist of one of the most despicable regimes in the world. 
The world has turned its back on the horrors in Xinjiang and Tibet. I don't think that will be the case with HK------but it still won't stop peaceful HK protesters being murdered and sent to the fearsome Chinese mainland labour and re-education camps where torture and death are commonplace.
Just at a point in history when we needed a JFK, we find ourselves with a weak Obama for 8 years followed by a current American President who beggars belief as he fiddles more furiously than Nero as he watches the free world's only hope go down the toilet.  

nyermen

If we accept the new law changes the situation in HK, then its time to treat it as one china.  China says "mind your own business" on their dealings there, okay, but then they can't say "mind your own business again" when HK looses its special status (which is the US's right to decide - smells of wanting it both ways otherwise).
The question comes, what's the line for boycotting business?  Is it to switch from HSBC because they support china?  What about other businesses, both those based there, and those that manufacture there?  So apple etc as well?
I say this as someone very uncomfortable with some of the behaviours recently (nine-dash line etc), but (maybe selfishly) unwilling to potentially penalise myself if there's no wider concensus.  I note the EU has condemned it, which is interesting as they tend to be more reserved than UK & US.

hoc

HSBC is one of the strangest organisations. They are known for being extremely picky with regular high street customers while somehow getting involved in all kinds of major scandals from money laundering for criminals to breaching sanctions.