Swiss banks are the latest financial enterprises to be caught in the crossfire between China and its political critiques abroad – this time Swiss Foreign Minister Ignazio Cassis.
In response to a question about Cassis’ comments on deviating from openness, human rights violations and concerns about the national security law in Hong Kong, China’s foreign ministry spokesperson Wang Wenbin called the remarks «groundless and not constructive».
«This year marks the 70th anniversary of China-Switzerland diplomatic relations. Over the past seven decades, with concerted efforts, bilateral relations have come a long way and realized mutual benefit,» Wang said, responding to a question by «AFP».
«The most fundamental thing we've learned from this progress is that equality and mutual respect must be adhered to. We hope the Swiss side will cherish the sound momentum in bilateral relations and abide by basic norms governing international relations.»
Swiss Banks Benefit From China
The foreign ministry spokesperson notably put a spotlight on Switzerland’s financial sector and specifically named one bank as a beneficiary. «China is committed to development through opening-up,» Wang said. «Financial enterprises like Credit Suisse are among the first to benefit from China's new round of financial market opening-up.»
With regard to questions about human rights and Hong Kong’s security law, Wang noted that this was an internal affair for China and that no country had the right to interfere – the standard diplomatic response to most criticisms about its domestic policy decisions.
Credit Suisse: «Committed Yet Balanced»
Credit Suisse is among the handful of global financial institutions that have been approved as players in the historic opening of China’s financial sector. Although it is committed to its mainland China expansion, Asia Chief Executive Helman Sitohang recently noted that the bank has the demonstrated ability to be diversified in its regional approach and that it need not be skewed to one market or another.
«I think we have shown that we are and we can be very committed yet at the same time very balanced in our approach,» Sitohang said, highlighting areas of focus outside of Greater China such as Singapore, Thailand and India. Credit Suisse could not be reached for comment at the time of publishing.
Ignazio Cassis: Switzerland Is Concerned
Swiss Foreign Minister Cassis told media over the weekend that the government was concerned about developments in China, highlighting a rise in human rights violations and concerns that the security law could threaten the «one country, two systems» principle alongside Swiss companies invested in the city.
«We are seeing China stray from the path of openness,» Cassis said in reference to Hong Kong. «This means Switzerland must defend its interests and values more robustly, for example by strengthening international law and the multilateral system. If China sticks to its new course the Western world will react more decisively.»
Separately, the Swiss foreign ministry also told local media that it was urging Hong Kong authorities to hold its now delayed election «as soon as the public health situation permits» and said that it was closely monitoring the post-security law impact to Swiss companies and citizens residing in the city. It also highlighted a limited mutual legal assistance agreement that explicitly excludes extradition.
