Editorial | The history of British firms still matters
Xia Baolong, a top Beijing official, has met with the heads of major UK firms who have helped shape Hong Kong over a century or more
Beijing’s top official in charge of Hong Kong affairs has called on major companies historically associated with the city to help enhance understanding of it to overseas investors.
Xia Baolong’s meetings last month with the top echelons of Jardine Matheson and HSBC Holdings are not only seen as reaffirming backing for the city as an international finance centre, but also as a message to the United States after attacks on the city’s status that harm investor confidence.
According to Li Cheng, a political science professor at the University of Hong Kong and former director of China studies at the Brookings Institution, an American think tank, Xia’s message addresses US pressure on China, even though the companies are from Britain.
Li added that Beijing was signalling that if the US continued with this approach, “we will continue to strengthen our cooperation with the UK, the EU, the Association of Southeast Asian Nations and the Middle East. In the end, it is the US that will suffer.”
Xia, director of the Hong Kong and Macau Affairs Office, met Jardine’s executive chairman, Benjamin Keswick, in Beijing. He alluded to Jardine’s deep understanding of Hong Kong and hoped it could play a more active role in enhancing the “international community’s understanding” of Hong Kong.
Earlier this month, Xia made similar calls when he met visiting HSBC chairman Mark Tucker and other executives. He called on HSBC to continue contributing to both national development and the city’s economy, while underscoring Beijing’s support for the city’s “unique status and strengths” under “one country, two systems”.
