US secretary of state denounces HSBC for backing Hong Kong security law

美國國務卿譴責匯豐銀行支持香港安全法

Pompeo says HSBC’s kowtowing unfruitful, warns against over-reliance on Chinese market


TAIPEI (Taiwan News) — U.S. Secretary of State Mike Pompeo on Tuesday (June 9) bashed British bank HSBC for siding with Beijing on its proposed Hong Kong national security legislation, warning that such pandering behavior would generate little return for the company.

In a released statement, Pompeo criticized the investment banking giant for expressing on Weibo its support of the new security laws that would strip Hong Kong citizens of their freedom last Wednesday (June 3). According to CNA, British trading house Jardine Matheson and Standard Chartered Bank also publicly voiced their support for increased Chinese encroachment on the territory's freedoms later that same day.

Pompeo pointed out that Beijing's influence over HSBC should serve as a "cautionary tale" and that the bank's Asia-Pacific CEO Peter Wong's "show of fealty" seemed to have earned him little respect from the Chinese government. He added that Beijing has continued to use British financial institutions as economic leverage to force London into allowing Chinese tech company Huawei to build the UK's 5G network.

Pompeo urged international corporations to avoid being overly dependent on the Chinese market and said they should watch out for China's infiltration into their systems. He also promised that the U.S. government would provide necessary assistance to the UK and other "free nations," including Australia and Denmark, to help dismantle Beijing's neo-colonialist web.