The Chinese state (more correctly – the Chinese Communist Party) is guaranteed by the People’s Liberation Army (PLC)!
China is a military dictatorship run for the benefit of the CCP and the PLA. Power in China, particularly economic power, still flows from the barrel of a gun.
If it is in there interests to take the money from you Chinese bank account (or your pocket), there is nothing to stop them.
Afterthought: Culturally, HSBC is more English than Chinese.
