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3/ The banks' stance also means that Beijing will have more leverage over the world. Without even knowing the details of the law, HSBC and Standard Chartered can blindly back this hugely controversial law.
4/ Since the new law aims to target the ill-defined “foreign forces”, it leads to a worrying situation about how HSBC will react when China asks for more sensitive information about its clients once the law is implemented. That will be a threat to the UK and its 5-eye partners.
5/ In fact, China has already used HSBC as a leverage to defend Huawei and grow its influence in the UK. Therefore, the UK government should have a robust strategy against China’s unreasonable challenges.
6/ In order to safeguard Hong Kong’s civil liberties and foreign interests in the city, the British government should consider all measures to call for the withdrawal of the national security law, such as ruling out Huawei from its involvement in the 5G network in the UK.
7/ Since the incident shows that China will use its economic clout to leverage for political support, in order to uphold the UK sovereign capacities, the British government should consider setting the withdrawal of the law as the prerequisite for future trade deals with China.
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