HSBC Executive Peter Wong Backs Security Law

A senior HSBC executive on Wednesday backed a planned new national security law for Hong Kong being drawn up by Beijing, days after former Chief Executive CY Leung blasted the banking giant for failing to voice its support for the initiative.

In an interview with the state news agency, Xinhua, HSBC Asia-Pacific chief executive Peter Wong said he hopes the law would “bring long-term stability and prosperity to Hong Kong.”

He was quoted as saying that the “vast majority” of the business community in Hong Kong believe that the legislation can ensure the SAR’s continued status as an international financial centre.

Wong also spoke out against threatened sanctions against the territory by the United States, saying this would not only hurt Hong Kong, but the entire region and the US itself.

He said any sanctions would affect confidence in the economy, and this is what brings investment to Hong Kong.

Meanwhile, the bank’s WeChat account also posted a picture of Wong signing a petition in support of the planned legislation.

The post said HSBC respects and support the law that it said will stabilise Hong Kong's social order, and rebuild the economy under the "One Country, Two Systems" principle.

CY Leung had last week complained in a Facebook post that HSBC hadn’t made its position on the proposed law clear, even though it generates most of its profits from China.

"In terms of political issues, this self-proclaimed British bank can't make money from China while following other Western countries trying to do damage the country's sovereignty, dignity, and the feelings of the people”, he wrote, adding that much of the business HSBC does in China can be replaced overnight by mainland banks or those from other countries.