Education
Do as we say! China commands UK companies either to obey or to 'pay and hit hard'
British financial services company Standard Chartered Plc and British bank HSBC have both supported Hong Kong's new security law in China, arguing that Hong Kong's 'authoritarian law would help sustain long-term economic and social stability.'
The official news site of the Chinese Communist Party, the Global Times, threatened British businesses, including HSBC, with the implications if they were to ally themselves with US and UK interests about the Huawei 5 G roll-over and Hong Kong security rule.
On Tuesday, the World Times announced "this image would be unstoppable and its Chinese business likely to be hit, if HSBC were alongside UK and US interests."
He added, "The publisher will be a life-or - death check for HSBC given its reliance on Chinese income.
'It will truly test its management 's political wisdom whether or not the bank can overcome its dilemma.'
"For political reasons, we don't want a big bank to hit such a big bank hard, but corporations have to pay for the choice they made." The newspaper, which is an integral part of the party, ended its diatribe.
"Clarementally, HSBC and Standard Chartered are in no good position to resist Beijing's pressure as both now gain so much money in the RPC.
But two famous institutions that owe their very lives to a previously free Hong Kong are still extremely worrying to be forced to support undemocratic institutions," says Mathew Henderson, director of the Asia Studies Center of the Henry Jackzon Society.
Standard Chartered PLC said in a statement issued last week: "The 'one country, two systems' principle is a key element of Hong Kong's future success.
"We hope that greater clarification will allow Hong Kong to maintain economic and social stability on the final legislative provisions."
The MP of Andrew Rosindel on Tuesday expressed the concern and disappointment of many of the Members of parliament for HSBC and the support for the newly introduced Chinese national security legislation in Hong Kong was provided by Standard Chartered PLC.
The MP supported the Early Day Motion to bring the House to the fore over questions about the law support for UK businesses.
"It is time we stand up to fulfill our commitment to Hong Kong," Mr. Rosindell said.
"We can not encourage companies owned and managed in the UK to circumvent fundamental freedoms and human rights.
"HSBC and Standard Chartered PLC actions undermine the political alerts fired on China by the United Kingdom.
"We can not disgust and invest in such an overt violation of human rights legislation at the same time.
