freeroulettenodeposit| British companies such as HSBC and Standard Chartered pressured the government to relax restrictions on business in China!

British companies put pressure on the governmentFreeroulettenodepositRelax restrictions on business in China!

Author: Zhang Lin

Source: reference messa

Britain's Sunak government is under pressure from banks such as HSBC and Standard Chartered, as well as other big domestic companies, to relax proposed restrictions on doing business in China, Bloomberg News reported on its website on May 10.

They target parts of the UK's new National Security Act, which aims to increase the transparency of transactions with countries that "pose a potential risk to UK security".

Executives are lobbying ministers not to include China in the strictest risk category, saying that forced reporting would affect business and trigger negative coverage, according to people familiar with the matter.

According to the report, the insiders, who spoke on condition of anonymity, said that although the government has not yet made a final decision, companies in financial and other areas have reacted strongly.

Both HSBC and Standard Chartered declined to comment, the report said. Mr. Sunak's office also declined to comment.

In the UK, allowing companies to get closer to China has become part of a major political struggle, the report said.

Prime Minister Sunak's ruling party is divided: the hawks want to take tough action, while the other wants to be more cautious to protect most trade with the world's second-largest economy. The National Security Law, passed in 2023, is the latest focus of this debate.

After giving an important national security speech recently, British Foreign Secretary David Cameron told reporters that this is a "very good law", but the British government is still discussing "how to implement it".

The law includes measures known as the Foreign influence Registration Scheme, which requires countries to be ranked by risk and declared by companies that do business with them. Given diplomatic tensions, officials are considering including China in an "enhanced level", which means British companies may have to declare broader activities with entities believed to be controlled by the Chinese government, people familiar with the matter said.

Government officials are working with banks and other companies to allay their concerns, according to people familiar with the matter. They are studying various options to ensure that the requirements of the business are reasonable.

According to business people involved in the discussions, companies are trying to ensure a balance between economic and security interests, such as compliance measures to ensure that unclassified business activities are not trapped by escalation, the report said.

China is one of Britain's largest trading partners. London-based HSBC has been expanding in China as part of its move to Asia in recent years. Standard Chartered Bank is also one of the largest foreign banks operating in China. In March this year, the London-based bank opened a wholly-owned securities company in China.

It is reported that Prudential, an insurance company with most of its business in Asia, is also involved.FreeroulettenodepositFor this lobbying. A spokesman for the company declined to comment.

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