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Western companies stand in the crosshairs of China’s new reality

First published: The Times 28 July 2022

HSBC was reported last week to have established a Chinese Communist Party (CCP) committee in its Shenzhen-based investment bank subsidiary in accordance with Chinese law. It is not by any means the first foreign firm to do so, but with the CCP’s stronger desire to align the interest of private firms with itself, the practice will doubtless extend in due course to the rest of the bank — as required by China’s regulatory commission — and to other foreign financial firms. Read on…