A huge bulk of foreign companies prefer to ignore the tough stance of China’s government on local firms. Some businessmen believe that the government’s repression against Chinese companies is favorable for them. Besides, they see more opportunities in cooperation with the Chinese authorities rather than with their former rivals.
HSBC Holdings Plc Chairman Mark Tucker was the first to admit this fact. He said that the opportunities in China "are too big to ignore even as geopolitical tensions escalate". "We’re moving to a new status quo in Sino-US relations. The interconnectivity is pretty powerful, and I don’t think it will get to a point where sides will need to be chosen," he stressed.
Mark Tucker stressed that China's government repressive measures against its own companies would not undermine HSBC's interest in China’s market. The benefits from working with the world's second-largest economy are too great.
HSBC invests billions of dollars in Asia while reducing or ceasing its presence in other parts of the world. The company is transferring several of its high-ranking executives to the country, which means that it is going to put down roots there for a long time. Nevertheless, the bank's position in the country is unstable. It has been targeted by the Chinese authorities for participating in the US investigation against Huawei. Shortly after, HSBC supported Hong Kong during mass protests. Perhaps the new statement made by Tucker is an attempt to smooth ruffled feathers with Beijing. After all, the bank has big plans for further development in Asia.
