- HSBC Director Apologizes for Criticizing UK’s China Relations
- Private Remarks Highlight UK’s Balancing Act Amid US-China Tensions
- HSBC’s Delicate Diplomacy: Navigating Profits and Geopolitics
The director of HSBC’s public affairs department has issued an apology after accusing the British government of being “weak” in complying with US demands to reduce business ties with China.
Sir Sherard Cowper-Coles shared his personal views during a private roundtable discussion, according to a bank spokesperson.
In recent years, US-China relations have become increasingly contentious.
The majority of the company’s profits are generated in Asia, including China.
“My private Chatham House Rules remarks are not supported by HSBC or the China British Business Council. Sir Sherard, who is also chairman of the China-Britain Business Council lobbying group, apologized for any offense caused.
Under the Chatham House Rule, meeting attendees can use discussion information but cannot reveal who said what.
The rule, which dates back nearly a century, is a method for debating contentious issues and is named after the London headquarters of the Royal Institute of International Affairs.
Sir Sherard told the closed-door meeting that the United Kingdom frequently acquiesces to U.S. demands and should look out for its interests instead of uncritically following Washington’s lead, Bloomberg News reported, citing multiple sources familiar with the matter.
According to Bloomberg, Sir Sherard told the meeting that Britain’s prohibition of Chinese telecoms behemoth Huawei from participating in the 2020 construction of the country’s 5G mobile phone networks was an example of the country caving to US demands.
HSBC makes over 80% of its profits outside the UK, with half coming from mainland China and Hong Kong.
It implies that the global banking titan must tread a delicate diplomatic line between Washington and Beijing.
UK and other Western nations are stuck between the world’s two major economies’ trade limitations.
In October, Washington restricted Beijing’s access to cutting-edge computer chip technology.
This month, China imposed export restrictions on gallium and germanium, two essential materials for the semiconductor industry.
