Panel 7: Banks, Business, and Labor in China, Hong Kong, and Taiwan

Chair: Nelson Mark, University of Notre Dame

Panelists

Mingzhi Li, University of Michigan, and Yimo Chong, Columbia University, “Defying Censorship: Tracing Collective Labor Actions and Self-Organizing Strategies of Chinese Workers (2019–2023)”

China Labour Bulletin’s Strike Map and Workers’ Call for Help Map document a significant number of labor disputes in China each year, mostly involving wage arrears, unpaid social security, and pensions. Searching related keywords on Chinese social media platforms reveals thousands of videos posted by workers, some gaining significant attention while others remain unnoticed. Interviews with labor activists and observing workers’ WeChat group chats uncover a vast network of organizing and support that engages with corporate and government censorship and repression.

This study aims to trace the collective action taken by Chinese workers between 2019 and 2023, using case studies to demonstrate how they utilize offline and online public spaces, engage with various narratives and concepts, and appeal to different authorities to legitimize their demands and actions. The research will show how workers strategically shape their demands to attract attention while avoiding censorship.

The study will rely on primary sources such as social media content, strike and call-for-help maps, and existing interviews, along with secondary scholarly articles. Each case study will outline the facts, demands, political and corporate responses, censorship, and relevant public opinions. The study aims to illustrate the scale, flexibility, and effectiveness of labor self-organizing in defiance of censorship, providing a bottom-up view of recent political developments in China and offering a fresh perspective for labor activists and scholars.

Ekaterina Serbina, Russian Academy of Sciences, “China Development Bank’s ESG Projects in the 14th Five-Year Plan (2021–2025)”

The China Development Bank (CDB) plays an active role as an investor in green and social projects in China, also developing green finance. This is how the bank has completed tasks aimed at achieving the goals set up in the 14th Five-Year Plan (2021-2025) namely building socialism with Chinese characteristics by 2049 (The 100th anniversary of the founding of the PRC). This paper describes the Bank green and social strategy, achieved results and discusses opportunities for future development. The CDB successfully supports environmental protection, provides financial aid to companies helping them to enhance business and stimulates the development of environmentally friendly projects. The Bank braces outlines for poverty alleviation including supporting small and medium-sized enterprises in impoverished districts, infrastructure development, housing renovation and resettlement, educational support. The CDB develops green financial products and instruments. Regional development has become a priority for CDB green and social strategy inside China, including lending to projects regarding the Yangtze River Economic belt, the Beijing-Tianjin-Hebei metropolitan area and the Greater Bay Area (The Guangdong-Hong Kong-Macau). As for international cooperation, the CDB provides financial support for ecological projects, mostly in African countries. By participating in such projects the Bank contributes not only into environmental enhancement, but also into improvement of working and living standards, development of usage of new types of energy, creation of new technology and jobs and help Chinese companies conquer new markets.

Jimmy Ngai, University of Hong Kong, “Saving the International Finance Centre: Global Bankers, Geopolitical. Challenge and the Acquisition of Midland Bank by HSBC in Hong Kong, 1990–1993”

Will Hong Kong lose its status as an International Finance Centre? The fear of being marginalized has risen before the handover from the British government to China. During the early 1990s, HSBC began its globalization reform in preparation for the handover of Hong Kong. The acquisition of Midland Bank and the establishment of HSBC Holding PLC were significant steps in this process. However, this move caused fear and anger among the Hong Kong society and PRC officials, as HSBC planned to relocate its registration from Hong Kong to London. The newly disclosed telegrams, seminar notes, and meetings in the National Archive show the involvement of the British government, HSBC boards, global bankers and Chinese officials during this critical moment in Hong Kong. This study attempts to use the state-society framework, as a new approach to understand the interaction between the economic and political development of Hong Kong. It aims to understand how the global banking community has engaged in the storm of geopolitical challenges, stabilizing the financial markets and society in Hong Kong, and become a communicator between the Chinese and British governments, thus maintaining Hong Kong as an international finance centre during a crucial moment. Through their official and personal relationships, international bankers in Hong Kong have played a crucial role in facilitating communication between the society of Hong Kong and both nations. This study demonstrates the crucial role of globalization and its community in maintaining Hong Kong’s economic status by focusing on the role of global bankers.