This report does not constitute a rating action. What's new: We view economic risks in the Chinese banking system as reduced, reflecting the sector's strengthened economic resilience, supported by technological advances and significant financial reserves. Our ratings on Hang Seng Bank (China) (A+/Stable/A-1) remain capped by the sovereign credit ratings on China. Why it matters: We regard Hang Seng Bank (China) as a core subsidiary of Hang Seng Bank. This reflects the bank’s key role in executing the group’s China strategy and its full integration with the parent's operations, risk management, and infrastructure. We expect Hang Seng Bank's commitment to Hang Seng Bank (China) to stay, and believe it will provide timely and strong parental support when needed. We expect
