HSBC is pressuring the Government to soften new national security rules seeking to crack down on China’s influence in the UK. The banking giant is among several Asian-focused financial services groups reportedly pushing ministers to keep China outside of the strictest risk category of a new national security regime. The National Security Act, which came into force last year, includes plans for a two-tier system to combat the influence of foreign powers in UK politics, known as the Foreign Influence Registration Scheme. Placing China in the riskier tier of the scheme, known as the enhanced tier, would give the Government greater power to force HSBC and others to publicly disclose more about their China activities. Standard Chartered and Prudential are also lobbying the Government to keep China out of the enhanced tier, Bloomberg reported. The companies are concerned that some of their commercial dealings in China could be ensnared by the increased compliance measures introduced under the rules. If China is included in the enhanced tier, businesses would have to publish details about their commercial dealings in China. Such compliance measures could make doing business in China harder, the companies fear. HSBC has a significant presence in mainland China, and owns a 19.9pc...