What do Beijing official Xia Baolong’s meetings with Jardine Matheson and HSBC mean for Hong Kong?

The meetings between Beijing’s top official in charge of Hong Kong affairs and two major British companies reflect the country’s commitment to bolstering the city’s status as an international financial center and also serve as a warning to the United States, business and political experts say.

They expressed their views on the significance of the meetings after Xia Baolong, Director of the Hong Kong and Macau Affairs Office (HKMAO), welcomed the delegation from international company Jardine Matheson on Monday, nine days after reception of HSBC Group Chairman Mark Tucker in Beijing. Both companies have had their roots in Hong Kong for over a century.

“The meetings sent a clear signal of Beijing’s strong determination to maintain and promote Hong Kong’s status as an international financial center despite a series of attacks by the United States in recent years,” said Li Cheng, a political science professor from Hong Kong. University of Hong Kong (HKU).

Xia made similar comments at both meetings, praising companies for their long-term support of Hong Kong and urging them to actively participate in the country’s high-quality development and help improve global understanding of the city.

He also reaffirmed Beijing’s commitment to the guiding principle of “one country, two systems”, highlighting Hong Kong’s unique place in the country’s overall development.

Xia Baolong praised the companies for their long-term support of Hong Kong. Photo: Dixon Lee

Li, founding director of the Center for Contemporary China and the World at the University of Hong Kong, also noted that the meetings could be seen as part of Beijing’s countermeasures amid escalating Sino-US tensions in recent years.