HSBC, StanChart Press Sunak to Ease Clampdown on China Business

Rishi Sunak’s government faces pressure from banks including HSBC Holdings Plc and Standard Chartered Plc, as well as other major companies in the UK, to tone down proposed restrictions on doing business with China.

Their target is part of new British national security legislation, which aims to boost transparency of any dealings with nations posing a “potential risk to UK safety.” Executives are lobbying ministers not to include China in the strictest risk category, arguing that would impede business and trigger negative publicity if they’re forced to declare it, according to people familiar with the matter.

Even though the ...