Don’t sacrifice Hong Kong for bankers’ bonuses, Raab tells HSBC
Foreign secretary Dominic Raab today criticised HSBC and other British banks for supporting China’s controversial new security law in Hong Kong, saying the rights of its citizens should not be sacrificed for bankers’ bonuses.
HSBC and fellow Asia-focused lender Standard Chartered have come under fire from politicians in the UK and US after the banks backed China’s new security law for the financial hub, which was introduced this week.
“On HSBC and banks, I’ve been very clear in relation with HSBC and… all of the banks: the rights and the freedoms and our responsibilities in this country to the people of Hong Kong should not be sacrificed on the altar of bankers’ bonuses,” Raab told parliament.
A spokesperson for HSBC declined to respond to Raab’s comments.
Earlier this month, the bank released a statement saying: “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’.”
Beijing unveiled the details of the much-anticipated law late on Tuesday after weeks of uncertainty, pushing China’s freest city and one of the world’s largest financial hubs on to a more authoritarian path.
Police in Hong Kong arrested more than 300 protestors on Wednesday as demonstrators took to the streets in defiance of the sweeping new security legislation.
As thousands of protesters gathered for an annual rally marking the anniversary of the former British colony’s handover to China in 1997, riot police used pepper spray and fired pellets as they made arrests after crowds spilled into the streets chanting “resist till the end” and “Hong Kong independence”.
The UK today confirmed that it would offer visas to 2.9m Hong Kong residents with a route to citizenship following the introduction of the new legislation.
Hong Kong residents with British National Overseas status and their dependents will be able to access five-year work or study visas to the UK, with a chance to apply for settled status at the end of this period.