HSBC has answered the call of the Chinese Communist Party
From our UK edition
HSBC was being more than a little disingenuous when it claimed on Thursday that Communist party cells don’t have much influence on the businesses in which they are installed. Try telling that to Xi Jinping, under whom the CPP has extended its tentacles into every aspect of nominally private businesses in China. The British bank was responding to a report in the Financial Times that it has become the first foreign lender to install a CCP committee in its investment banking subsidiary in China. While neither confirming or denying the report, an HSBC statement played down the importance of the cells, saying, ‘they do not influence the direction of the business.’ This is simply wrong.